Business
SLAM Exploration Generates Cash, Shares & Royalties and Plans to Raise $450,000 in Private Placement
MIRAMICHI, New Brunswick, March 23, 2023 (GLOBE NEWSWIRE) -- SLAM Exploration Ltd. (“SLAM” or the “Company” on TSXV: SXL) announces that it holds NSR royalties
About this update from Slam Exploration Ltd.
[{"type":"text","content":" MIRAMICHI, New Brunswick, March 23, 2023 (GLOBE NEWSWIRE) -- SLAM Exploration Ltd. (“SLAM” or the “Company” on TSXV: SXL) announces that it holds NSR royalties on 8 projects in the mining provinces of New Brunswick and Ontario. These include the Goodwin cobalt-nickel-copper project, the Nash Creek, Superjack, Coulee and Wedge VMS copper-lead-zinc volcanogenic massive sulphide projects and the Ferguson Brook, Ramsay Brook, Reserve Creek and Opikeigen gold projects all retained pursuant to the sale of mineral claims through option agreements. Pursuant to these option agreements, the Company currently holds common shares in its account with a current valuation of $139,065 and certificates held pending the 4-month hold period for common shares with a current valuation of $56,500. These valuations are based on share prices quotes on March 17, 2023. In addition, the Company may receive potential cash and share payments for a total valuation of $1,670,000 in cash and $454,000 over the next 4 years as listed in the table below: Year **Future Cash **Future Shares ***Future Share Value Total 2023 $ 230,000 650,000 $ 5,500 Total 2024 $ 350,000 650,000 $ 74,500 Total 2025 $ 690,000 650,000 $ 74,500 Total 2026 $ 250,000 1,350,000 $ 167,000 Total 2027 $ 150,000 1,100,000 $ 132,500 Total $ 1,670,000 4,400,000 $ 454,000 **Potential cash and shares to be received if all option payments are made.***Based on share price quotes March 17, 2023. The reader is cautioned that these prices are subject to volatility and that some or all of these payments may not occur if the respective option agreements are allowed to expire. Proposed Private Placement: The Company also announces it intends to raise $450,000 through the sale of 9 million units (“Units”) at a price of $0.05 per Unit. Each Unit is comprised of one common share (each a “Share”) and one common share purchase warrant (each a “Warrant”). Each Warrant provides the holder the right to purchase one additional Share at a price $0.08 for a period of 2 years from the closing date. The company may pay finders fees on the unbrokered private placement. Proceeds to be used for corporate purposes and to fund exploration activities in Canada. Jake Lee Gold Project: Permits are in place for trenching, diamond drilling and related activities on its wholly-owned Jake Lee gold project in southwestern New Bru...