Business
Minfocus Exploration Corp Completes Acquisition of Majority Interest in the Big Hill Gold Property and $2,145,000 Private Placement and Files Technical Report
Vancouver, British Columbia--(Newsfile Corp. - December 1, 2021) - Minfocus Exploration Corp....
About this update from Q2 Metals Corp
[{"type":"text","content":"Minfocus Exploration Corp Completes Acquisition of Majority Interest in the Big Hill Gold Property and $2,145,000 Private Placement and Files Technical ReportVancouver, British Columbia--(Newsfile Corp. - December 1, 2021) - Minfocus Exploration Corp. (TSXV: MFX) (the \"Company\") is pleased to announce that it has completed the acquisition of an 80% interest in Big Hill Gold Mining Company Pty Ltd. ACN 081 474 179 (\"Big Hill\"), a private Australian company, as announced September 10, 2021 (the \"Transaction\"). The Company has also completed its oversubscribed private placement of units also announced on September 10, 2021.Big Hill AcquisitionOn September 3, 2021, the Company entered into a definitive Share Sale Agreement (the \"Agreement\") with Mining Projects Accelerator Pty Ltd. CAN 629 011 196 (\"MPX\") pursuant to which the Company acquired MPX's ownership of 80% of the outstanding common shares (each, a \"Big Hill Share\") of Big Hill. Big Hill holds a 100% interest in an exploration permit and two mining licenses that comprise the Big Hill Gold Property located in Queensland, Australia (the \"Big Hill Gold Property\"). In consideration for the purchase of the Big Hill Shares, the Company issued 17,500,000 common shares (the \"Payment Shares\") pro rata to MPX and its shareholders at a deemed price of $0.125 per Payment Share. The Payment Shares are subject to a statutory hold period for four months and one day from the date of issuance, as well as additional contractual escrow provisions agreed to by MPX and its shareholders. The Company has the right to acquire an additional 15% of the outstanding Big Hill Shares and increase its shareholdings to 95% of the total outstanding Big Hill Shares by paying AU$300,000 to the minority shareholder of Big Hill. The remaining 5% of the shares of Big Hill may be acquired from the minority shareholder for AU$700,000. Pursuant to the Agreement, there will be a combined 2% net smelter royalty on the Big Hill Gold Property in favour of MPX and the minority shareholder of Big Hill.The Company has filed a technical report on the Big Hill Gold Property titled \"Technical Report on the Big Hill Au Project, SE Queensland, Australia\" (the \"Technical Report\") in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects (\"NI 43-101\"). The Technical Report ...