Business
Gold Hunter Resources Sells Portion of Newfoundland Projects to Sorrento Resources
Vancouver, British Columbia--(Newsfile Corp. - June 6, 2023) - Gold Hunter Resources Inc. (CSE: HUNT) ("Gold Hunter" or the "Company") is pleased to announce it
About this update from Gold Hunter Resources, Inc.
[{"type":"text","content":" Vancouver, British Columbia--(Newsfile Corp. - June 6, 2023) - Gold Hunter Resources Inc. (CSE: HUNT) (\"Gold Hunter\" or the \"Company\") is pleased to announce it has entered into a mineral property purchase agreement dated June 5, 2023, pursuant to which the Company will sell to Sorrento Resources Ltd. (CSE: SRS) (\"Sorrento\") a 100% interest in a portion of its claims comprising the PEG Lithium property, Harmsworth and Tom Joe properties, as well as three properties along the Doucers Valley Fault, all located in the Province of Newfoundland and Labrador (the \"Property\"). Transaction Details As consideration for the Property, Sorrento will pay to the Company $50,000 in cash and issue 1,000,000 common shares, which shares will be subject to a statutory hold period of four months and one day following completion of the acquisition (the \"Closing\"). The Property will also be subject to a 1% net smelter returns royalty to be granted to Gold Hunter (the \"Gold Hunter NSR\") upon Closing, which is expected to occur on or around June 13, 2023. Sorrento will also have the right to buy back 50% of the Gold Hunter NSR at any time for $1,000,000. The Property is currently subject to a 2% net smelter returns royalty held by Fair Haven Resources Inc (the \"Fairhaven NSR\"). Both the Fairhaven NSR and Gold Hunter NSR are subject to rights of first refusal in favor of Sorrento in connection with any proposed sale or transfer of such royalty. Gold Hunter CEO, Rich Macey commented, \"We are pleased to have completed the sale to Sorrento and will be looking forward to Sorrento's future exploration and development of the Property.\" About the Company The Company is engaged in acquisition, exploration, and development of mineral property assets in Canada. The Company's objective is to locate and develop economic precious and base metal properties of merit. In January 2022 Gold Hunter acquired 8 additional properties in Newfoundland which amount to 580 claims for 14,500 ha (See January 25th 2022 New Release here). The acquisition included the Rambler and Tilt Cove projects which are located adjacent to known productive VHMS deposits located on the Baie Verte Peninsula, Newfoundland. For more information, please refer to the Company's Prospectus dated January 21, 2021 available on SEDAR (www.sedar.com), under the Company's profile. ON BEHALF ...