Business
Lode Acquires Rights to Additional US Gold Projects
Vancouver, British Columbia--(Newsfile Corp. - May 18, 2023) - Lode Metals Corp. (CSE: LODE) (t...
About this update from Manhattan Uranium Discovery Corporation
[{"type":"text","content":"Lode Acquires Rights to Additional US Gold ProjectsVancouver, British Columbia--(Newsfile Corp. - May 18, 2023) - Lode Metals Corp. (CSE: LODE) (the \"Company\") has completed its previously announced transaction involving the assignment (the \"Assignment\") to Elkhorn Gold Exploration LLC (\"Elkhorn\"), a wholly-owned subsidiary of the Company, of all rights to the contractual arrangements (collectively, the \"Option Agreements\") to acquire the Iron Butte Project, located in Lander County, Nevada and the Hope Butte Project, located in Malheur County, Oregon.The Assignment was completed pursuant to the terms of a definitive assignment and assumption agreement (the \"Definitive Agreement\"), dated May 9, 2023, entered into with Federal Gold Corp. and Angold Resources (US) Ltd. (collectively, the \"Subsidiaries\"), each wholly-owned subsidiaries of Angold Resources Ltd. (TSXV: AAU) (\"Angold\"). In consideration for the Assignment, the Company has issued 10,000,000 common shares (the \"Consideration Shares\") to Angold, and has assumed all obligations of the Subsidiaries with respect to the Option Agreements. Through Elkhorn, Lode now holds the rights to acquire the Iron Butte Project, and the Hope Butte Project, pursuant to the Option Agreements, in consideration for completing a series of cash payments and share issuances.The Company is at arms-length from Angold, and the Subsidiaries, and no finders' fees or commissions were paid in connection with completion of the Assignment. The Consideration Shares are subject to an escrow arrangement until May 18, 2024, during which time they may not be traded. In addition to the escrow arrangement, the Consideration Shares are subject to a statutory hold period until September 19, 2023 in accordance with applicable securities laws.About Lode Metals Corp.Lode Metals is a gold exploration company focused on applying modern exploration techniques integrated with current geological models to the previous producing, high-grade Cracker Creek property located in northeastern Oregon, United States. The Cracker Creek property consolidates the contiguous, high-grade, past-producing Columbia, Eureka, Excelsior and North Pole Mines, collectively the most prolific gold producers in Oregon between 1891 and 1934.For further information contact:Jon BeyPresident & Chief Executive OfficerLode Metals C...