Business
New Found Announces Sale of Mineral Claims to Exploits Discovery Corp. and Provides Queensway North Drilling Update
New Found Announces Sale of Mineral Claims to Exploits Discovery Corp. and Provides Queen...
About this update from New Found Gold Corp
[{"type":"text","content":"\n \n \n \n New Found Announces Sale of Mineral Claims to Exploits Discovery Corp. and Provides Queensway North Drilling Update\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n VANCOUVER, BC\n \n ,\n \n Dec. 11, 2020\n \n /CNW/ -\n \n New Found Gold Corp.\n \n (\"\n \n New Found\n \n \" or the \"\n \n Company\n \n \") (TSXV: NFG) (OTC: NFGFF) is pleased to announce that it has entered into a purchase and sale agreement (the \"\n \n Agreement\n \n \") with Exploits Discovery Corp. (\"\n \n Exploits\n \n \") (CSE: NFLD) providing for the sale by New Found to Exploits of a 100% interest in two mineral claims (the \"\n \n Mineral Claims\n \n \") representing approximately 12.0 km\n \n ²\n \n of land (the \"\n \n Transaction\n \n \"). The primary claim is Jonathan's Pond (11.25 km\n \n 2\n \n , shown in Figure 1 below), and the second is a 75 Ha claim on Glover Island 210 km to the west of the Queensway project. As consideration for the purchase of the Mineral Claims, Exploits will issue to New Found 6,562,799 common shares in the capital of Exploits (the \"\n \n Consideration Shares\n \n \") and New Found will also retain a 2% net smelter returns royalty on production from the Mineral Claims.\n \n \n \n \n \n \n \n \n \n Pursuant to the terms of the Agreement, New Found has agreed not to transfer or dispose of the Consideration Shares for a period of one year following the closing date of the Transaction, other than in the event of a change of control of Exploits. Upon completion of the Transaction, New Found will own approximately 9.9% of the issued and outstanding Exploits Shares.\n \n \n The Transaction is subject to certain closing conditions, including the approval of the TSX Venture Exchange in the case of New Found and the Canadian Securities Exchange in the case of Exploits. It is anticipated that the closing of the Transaction will occur on or about\n \n December 15, 2020\n \n .\n \n \n Stated\n \n Collin Kettell\n \n , Executive Chairman of New Found, \"We are pleased to partner with Exploits on the Jonathan's Pond project. Consolidating the Jo...