Southern Empire Resources Corp. Announces Closing of Qualifying Transaction

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[{"type":"text","content":"Vancouver, British Columbia / March 18, 2020 / JMN Wire /  Southern Empire Resources Corp. (“Southern Empire”; TSX-V: SMP), formerly Owl Capital Corp. (TSX-V: OCC.P) is pleased to announce that it has closed its previously announced Capital Pool Company (“CPC”) Qualifying Transaction by acquiring a 75% interest in the Oro Cruz Gold Project located in California, an 85% interest in the Eastgate Gold Project located in Nevada, USA and a 4.93% undiluted equity interest in Bullfrog Gold Corp. (“Bullfrog”), an exploration stage company listed on the Canadian Securities Exchange and OTC Markets, collectively, the “Gold Assets”. Highlights Southern Empire completes $3.27 million oversubscribed, non-brokered private placement Two gold projects with historical gold production and significant exploration potential acquired in the southwestern United States Trading to commence at the open of markets on Tuesday, March 24, 2020 – TSX-V: SMP As a result of closing the CPC Qualifying Transaction, Owl Capital Corp. has changed its name to Southern Empire Resources Corp. and will be listed as a Tier 2 mining issuer on the TSX Venture Exchange, with the trading symbol “SMP”, at the open of markets on Tuesday, March 24, 2020. Terms of the Qualifying Transaction Southern Empire acquired the Gold Assets pursuant to the terms of an asset purchase agreement with Eros Resources Corp. (“Eros”) and Demerara Gold Corp. (“Demerara”), together, the “Vendors”. In consideration of the Gold Assets acquired from the Vendors, Southern Empire issued a total of 25,426,940 common shares as follows: 2,579,000 shares to the shareholders of Demerara with respect to the acquisition of a 40% interest in the Eastgate Gold Project; 2,901,275 shares to Eros with respect to the acquisition of a 45% interest in the Eastgate Gold Project; 8,545,000 shares to the shareholders of Demerara and 8,545,000 shares to be issued to Eros with respect to the acquisition of an exclusive option to acquire an aggregate 75% interest in the Oro Cruz Gold Project; 2,856,665 shares to Eros with respect to the acquisition of 8,750,000 shares and 7,750,000 share purchase warrants in the capital of All of these shares will be subject to the escrow requirements set forth in TSX Venture Exchange Policy 5.4 – Escrow, Vendor Consideration and Resale Restrictions whereby 10% of the escrowed ...

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