Cortus Completes Acquisition of Intermont and Sets Sights on Discovery of Significant New Gold-Silver Deposits in Nevada

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[{"type":"text","content":"Cortus Completes Acquisition of Intermont and Sets Sights on Discovery of Significant New Gold-Silver Deposits in NevadaEdmonton, Alberta--(Newsfile Corp. - June 24, 2021) - Cortus Metals Inc. (TSXV: CRTS) (OTC Pink: CRTTF) (the \"Company\", or \"Cortus\"), is pleased to announce that it has completed the acquisition of Intermont Resources LLC (\"Intermont\") and settled related short-term debts (see press releases dated May 11 and June 17, 2021).CEO Sean Mager commented, \"This transaction solidifies 100% ownership of our highly prospective portfolio of 20(+) projects and enables Cortus to accelerate exploration programs via partnerships. We look forward to sharing results in the coming weeks as we prove up the potential for discoveries of significant new epithermal and Carlin-type gold-silver deposits in Nevada.\"As consideration for the acquisition, the Company issued an aggregate of 5,000,000 common shares to the holders of the membership interest of Intermont (the \"Members\"). Additionally, the Company granted to the Members, a 2% net smelter return royalty (the \"Royalty\") on each of the mineral properties of Intermont (the \"Properties\"), subject to a buy-back right in favor of the Company whereby the Company may acquire one half, being 1%, of the Royalty on either Property at any time prior to180 days following the earlier of (i) a production decision on the property being made or (ii) commencement of commercial production (the \"Buyback Deadline\") for payment of US$1,500,000, which payment may be made in cash or, if it is made within 60 days following the Buyback Deadline, through the issuance of the Company's common shares at a deemed value equivalent to its 20 day VWAP. The Company also completed the proposed settlement of an aggregate of $288,700.15 in debt, which included the settlement of $188,700.15 in short-term debts of Intermont, through the issuance of an aggregate of 1,928,668 units at a deemed issue price of $0.15 per unit (each a \"Unit\"). Each Unit comprised one common share and one half of one share purchase warrant. Each whole warrant (a \"Warrant\") entitles the holder to acquire an additional common share at a price of $0.25 per share until June 22, 2023. The Warrants are subject to an accelerated expiry provision such that if the closing price of the Company's common shares is equal to or gr...

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