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Owl Capital Corp. Announces Proposed Gold-Focused Qualifying Transaction
Vancouver, British Columbia--(Newsfile Corp. - April 24, 2019) - Owl Capital Corp. (TSXV: O...
About this update from Trident Resources Corp.
[{"type":"text","content":"Owl Capital Corp. Announces Proposed Gold-Focused Qualifying TransactionVancouver, British Columbia--(Newsfile Corp. - April 24, 2019) - Owl Capital Corp. (TSXV: OCC.P) (\"Owl\") is pleased to announce that it has entered into a term sheet dated April 10, 2019 (the \"Agreement\") with Eros Resources Corp. (TSXV: ERC) (\"Eros\") and Demerara Gold Corp. (\"Demerara\"), a private corporation, whereby Owl will acquire all of their rights, titles and interests in the Oro Cruz Property, located in Imperial County, California and the Eastgate Property, located in Churchill County, Nevada from Eros and Demerara, respectively, as well as a 5.58% undiluted equity interest in Bullfrog Gold Corp., an exploration stage company (\"Bullfrog\"), from Eros (the \"Transaction\"). Owl is a capital pool company (\"CPC\") and intends the Transaction to constitute a Qualifying Transaction pursuant to the TSX Venture Exchange (the \"Exchange\") Policy 2.4 - Capital Pool Companies. Upon successful completion of the Transaction, Owl will change its name to Southern Empire Resources Corp. and be a Tier 2 mining issuer.About the Oro Cruz Gold ProjectThe Oro Cruz Property is located in Imperial County, southeast California, roughly 28 kilometres (18 miles) northwest of Yuma, Arizona. The Oro Cruz mine, situated on the property, is a historical gold producer within the Tumco mining district in the Cargo Muchacho Mountains, approximately 14 miles southeast of the operating Mesquite gold mine of Equinox Gold Corp. Adjacent to the Oro Cruz property are the past producing American Girl and Padre-Madre gold mines (see Figure 1). Gold mining at Oro Cruz (also known as Golden Cross) occurred during 1890-1916 and 1932-1941, producing greater than 150,000 ounces (\"oz\") gold (\"Au\"). Between 1995-1996, the Oro Cruz Property was mined for one year by MK Gold Company and produced approximately 61,000 oz gold from oxide ore extracted by both open-pit and underground mining operations before closing due to low gold prices. The property is currently comprised of a total of 250 Bureau of Land Management (\"BLM\") unpatented lode mining claims totaling roughly 2,018 hectares (\"ha\"; 4,990 acres) and 13 BLM unpatented placer mining claims totaling roughly 105 ha (260 acres). The original 20 lode claims are held under lease from a third party.The Oro Cruz Property has a h...