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Power Group Announces Entering into Definitive Agreement with 1315843 B.C. LTD.
Toronto, Ontario--(Newsfile Corp. - December 9, 2021) - Power Group Projects Corp. (TSXV: PGP...
About this update from Power Group Projects Corp.
[{"type":"text","content":"Power Group Announces Entering into Definitive Agreement with 1315843 B.C. LTD.Toronto, Ontario--(Newsfile Corp. - December 9, 2021) - Power Group Projects Corp. (TSXV: PGP) (the \"Company\") is pleased to announce that, further to its press release of October 18, 2021, it has entered into an arm's length share purchase agreement (the \"Share Purchase Agreement\") dated December 8, 2021 among the Company, 1315843 B.C. Ltd. (\"BCCo\") and the shareholders of BCCo (collectively, the \"Vendors\") to acquire all of the issued and outstanding common shares in the capital of BCCo (the \"Transaction\"). BCCo is a private company incorporated under the laws of the Province of British Columbia, whose sole asset is an option agreement dated August 9, 2021 (the \"Option Agreement\") with Cloudbreak Discovery PLC (\"Cloudbreak\") and Cloudbreak Discovery (Canada) Ltd. (together with Cloudbreak, the \"Optionor\"), whereby BCCo has the option (the \"Option\") to earn a 75% interest in certain mineral claims in the Province of British Columbia (the \"Property\" or the \"Atlin West Project\"). As consideration for the Transaction, the Company will: (i) issue an aggregate of 24,000,000 common shares in the capital of the Company (the \"Common Shares\"), at a price of $0.05 per Common Share to the Vendors; (ii) make a refundable cash payment in the amount of $50,000 to BCCo upon signing of the LOI, to be released upon signing of a definitive agreement (which the Company has completed), and (iii) a cash payment in the amount of $50,000 to BCCo, or as BCCo may direct, upon closing of the Transaction. The Atlin West Project is underlain by undivided sedimentary and volcanic rocks of the Cache Creek Complex, which have been subsequently intruded by late Cretaceous felsic volcanic and intrusive rocks. The area is bounded by the Nahlin fault and cross-cut by east-west and northwest trending faults.These structures are known to be associated with base and precious metals in the region, specifically t the Engineer or Yellowjacket mines. Mineralization on the property includes the Dundee/Table Mountain showing (BC MINFILE 104N 003), which is comprised of northeast trending veins with galena and chalcopyrite, assaying up to 2.58 ounces per ton of silver, 26% lead and 13.9% copper in 1967. Limited work has been reported on the property and additional exposu...