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Champion Bear Announces Expedited Acquisition Filing Relating to an Option to Re-Acquire Its Eagle Rock Claims
Calgary, Alberta--(Newsfile Corp. - November 30, 2021) - Champion Bear Resources Ltd. (TSXV: C...
About this update from Champion Bear Resources Ltd.
[{"type":"text","content":"Champion Bear Announces Expedited Acquisition Filing Relating to an Option to Re-Acquire Its Eagle Rock ClaimsCalgary, Alberta--(Newsfile Corp. - November 30, 2021) - Champion Bear Resources Ltd. (TSXV: CBA) (\"Champion Bear\" or the \"Company\") announces that it will file an expedited acquisition application (the \"Application\") with the TSX Venture Exchange (the \"TSXV\") in connection with the Company's option to re-acquire a 100% interest in certain mining claims in the Kenora area of Ontario. These claims, if acquired by the Company, relate to all the claims for its core Eagle Rock property. This option was granted to the Company by two arm's length parties (together, the \"Optionor\") in November of 2021 and pursuant to its terms the Company has provided the Optionor with a nonrefundable payment of $20,000 and has agreed to make additional payments totaling an aggregate of $96,000 over the course of the next four years and issue the Optionor 400,000 common shares of the Company. When these terms are met, the Company will have earned a 100% interest in these claims. The Optionee at its sole discretion may make any of the payments and issuance of shares on dates that are earlier in time than noted above. As part of the agreement with this option, Champion Bear will pay a 1.5% net smelter royalty in the event the Company acquires the claims and commercial production begins on them and in such instance the Company has the right to buy back 0.5% this royalty for $1 million. The Company intends to fund the option payments through a combination of working capital and additional funds anticipated to be raised in the future from an equity financing. The Application (including the issuance of 400,000 Common Shares of the Company) is subject to the approval of the TSXV.About Champion Bear Champion Bear is a mineral exploration company focused exclusively on the historically prospective regions of Ontario. The Company's primary targets are copper, platinum group metals, precious metals, and polymetallic base metals deposits. Champion Bear's aim is to create shareholder value through selective property acquisition followed by focused exploration emphasizing drilling. The Company has assembled a large land position in the Dryden and Sudbury areas, totaling over 16,000 hectares. Additional information about Champion Bear can be found o...