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Interbit Receives TSXV Conditional Acceptance for Change of Business Transaction
Interbit Receives TSXV Conditional Acceptance for Change of Business Transaction C...
About this update from North Peak Resources Ltd
[{"type":"text","content":"\n\n\n\nInterbit Receives TSXV Conditional Acceptance for Change of Business Transaction\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\nCanada NewsWire\nCALGARY, May 14, 2020\n\n\n\nCALGARY, May 14, 2020 /CNW/ - INTERBIT LTD. (TSX Venture: IBIT) (the \"Company\") is pleased announce that, further to its news release dated March 20, 2020, the TSX Venture Exchange (the \"Exchange\") has granted conditional acceptance of the Company's proposed \"Change of Business\" transaction (\"COB Transaction\") pursuant to the policies of the Exchange, with the result that the Company will become a Tier 2 mining issuer under the policies of the Exchange and will initially be engaged in the exploration and development of prospective mineral properties (the \"Resulting Issuer\").\nCOB Transaction\nOption Agreement\nUnder the proposed COB Transaction, the Company entered into an option agreement dated March 20, 2020 (the \"Option Agreement\") with Mr. Mike Leahy, whereby the Company has been granted the option (the \"Option\") to acquire a 100% interest in and to the Mike Leahy Property (the \"Property\"). The Optionor is the sole registered owner of the Property. See the Company's March 20, 2020 press release for a description of the terms and conditions of the Option Agreement and the Option.\nThe Property and 43-101 Technical Report\nThe Property is located in north central Eby Township and in the southern part of adjacent Grenfell Township, immediately west of Highway 11 and approximately 15 kilometres southwest of Kirkland Lake, Ontario. The property is also 10 kilometres west-southwest from the producing Macassa Mine. The Property consists of and to twenty-seven (27) mineral claims totaling approximately 500.3 hectares.\nThe Property is described in detail in a technical report entitled \"Technical Report on the Leahy Property, Kirkland Lake Area, Ontario, Canada\", dated effective March 31, 2020, prepared by Tudorel Ciuculescu, M.Sc., P.Geo. of Roscoe Postle Associates Inc. (now part of SLR Consulting Ltd.) for the Company, which technical report has been filed on SEDAR at ...