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King's Bay to Acquire 100% Interest in the Maybrun Gold-Copper Property and Announces Concurrent Financing
Property Highlights Located in Ontario, a prolific Tier 1 mining jurisdiction ranked 1...
About this update from Lion Rock Resources Inc
[{"type":"text","content":"King's Bay to Acquire 100% Interest in the Maybrun Gold-Copper Property and Announces Concurrent FinancingProperty HighlightsLocated in Ontario, a prolific Tier 1 mining jurisdiction ranked 12th best mining jurisdiction globally in 2021 (Fraser Institute), with established infrastructure (highways and powerlines) nearby and year-round property accessNotable regional mining project owners include New Gold (Rainy River Gold Mine), First Mining Gold (Cameron Project), Treasury Metals (Goliath Gold Complex) and Agnico Eagle (Hammond Reef)100% interest in 20 patented claims, which allows for potentially faster permitting and developmentVANCOUVER, BC / ACCESSWIRE / May 9, 2022 / King's Bay Resources Corp. (NEX:KBG.H),(FSE:KGB1) (the \"Company\" or \"King's Bay\") is pleased to announce it has entered into a definitive agreement to acquire a 100% interest in the Maybrun Property, a gold-copper property located approximately 80 km southeast of Kenora, Ontario, through the acquisition of Lion Rock Resources Inc. (\"Lion Rock\").The Company has entered into a share exchange agreement dated May 6, 2022 (the \"Agreement\") with Lion Rock and the shareholders of Lion Rock, pursuant to which the Company has agreed to acquire all of the issued and outstanding common shares of Lion Rock in exchange for the issuance of 5,000,000 common shares of the Company to the shareholders of Lion Rock and the issuance of 200,000 common shares of the Company to the former vendors of the Maybrun Property (the \"Transaction\"). In conjunction with the Transaction, the Company intends to apply for reactivation as a Tier 2 issuer on the TSX Venture Exchange (the \"TSXV\").Kevin Bottomley, President & Chief Executive Officer, Director of King's Bay, stated: \"I'm excited for the opportunity to acquire a 100% interest in a promising gold-copper property located in the heart of the mineral-rich Canadian Shield. We look forward to the reactivation of the Company and moving our listing from the NEX board back to Tier 2 of the TSXV and once again becoming an active exploration issuer with a property that hosted a past producing mine. We plan to mobilize a crew to the Maybrun Property as soon as we complete the concurrent financing and close the Transaction.\"Concurrent FinancingIn connection with the Transaction, the Company intends to complete a non-brokered priv...