Business
Matachewan Announces Purchase and Sale Agreement to Mineral Royalties
TORONTO, May 22, 2025 (GLOBE NEWSWIRE) -- Matachewan Consolidated Mines, Limited (“Matache...
About this update from Matachewan Consolidated Mines, Limited
[{"type":"text","content":"Matachewan Announces Purchase and Sale Agreement to Mineral Royalties\n\n\n\n TORONTO, May 22, 2025 (GLOBE NEWSWIRE) -- Matachewan Consolidated Mines, Limited (“Matachewan” or the “Company”) (TSX-V:MCM.A-X) is pleased to announce that the Company has entered into a definitive purchase and sale agreement (the “Agreement”) with respect to the sale of certain of its mineral royalties on the Young-Davidson Mine, located in the Matachewan, Ontario area, to Alamos Gold Inc. (“Alamos”) (the “Purchaser”) owner and operator of the Young-Davidson Mine. The transaction closed on the 21\n \n st\n \n day of May 2025.\n \n\n Prior to closing of the transaction, the Company was the legal and beneficial owner of certain royalty rights on 24 mining claims in Powell and Cairo Townships, Matachewan, Ontario which forms part of the Young-Davidson Mine owned and operated by Alamos. Pursuant to the Agreement, the Company sold all of its rights and interests in any and all present and future royalties generated from the 24 mining claims.\n \n\n Pursuant to the terms of the Agreement, the Company together with the Purchaser agreed to final consideration of C$2,700,000 payable on May 21, 2025 fully satisfying all conditions precedent to closing.\n \n\n As stated by the President and CEO of the Company, Richard McCloskey, the sale provides Matachewan with immediate inflow of cash and provides the opportunity to pursue other investment opportunities.\n \n\n For further information contact:\n \n\n Edward G. Dumond\n \n Corporate Secretary\n \n 289 231 4765\n \n Matachewan Consolidated Mines, Limited\n \n\n\n Neither the TSX Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.\n \n\n\n\n\n Certain statements in this news release constitute “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information contained in forward-looking statements can be identified by the use of words such as “are expected”, “is forecast”, “is targeted”, “approximately”, “plans”, “anticipates”, “projects”, &...