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Triple One Metals to acquire Bank Vault and Nickel Showing properties from Portsmouth Gold Corp.
Windsor, Nova Scotia, CANADA,, Sept. 18, 2023 (GLOBE NEWSWIRE) -- Triple One Metals Inc. ("Triple One" or the "Company") (CSE:TONE) is pleases to announce it ha
About this update from Triple One Metals Inc
[{"type":"text","content":" Windsor, Nova Scotia, CANADA,, Sept. 18, 2023 (GLOBE NEWSWIRE) -- Triple One Metals Inc. (\"Triple One\" or the \"Company\") (CSE:TONE) is pleases to announce it has entered into a letter of intent dated for reference September 14, 2023 (the “LOI”) with Portsmouth Gold Corp. (“Portsmouth”), a private British Columbia company, for the acquisition of the Bank Vault and Nickel Showing properties (the “Transaction”), located in the Urban-Barry Greenstone Belt of the James Bay region, Quebec (the “Properties”). Transaction Summary As consideration for the Properties, the Company will issue 5,273,000 units (each a “Unit”), following a proposed three old for one new (3:1) consolidation of its share capital (the “Consolidation”). The Company will also assume the obligations of Portsmouth under certain option and royalty agreements related to the Properties, including an existing 2% net smelter return royalty on each of the Properties. Each Unit will comprise one post-Consolidation common shares and one post-Consolidation share purchase warrant (each a “Warrant”). Each Warrant will entitle the holder to acquire an additional post-Consolidation share at a price of $0.10 per share for a period of two (2) years from the closing date of the Transaction. It is contemplated that the Units will be distributed to the shareholders of Portsmouth, and as a result no new insiders of the Company will be created. The Transaction is an arm’s length transaction and is not expected to require the approval of the Company’s shareholders. The Transaction is subject to a number of terms and conditions, including, but not limited to, the parties entering into a definitive agreement with respect to the Transaction (such agreement to include representations, warranties, conditions and covenants typical for a transaction of this nature), the completion of the Consolidation, the completion of a private placement by the Company to raise gross proceeds of up to $750,000 on terms to be determined by the parties, the appointment to the board of the Company of a nominee selected by Portsmouth, being Paul Gill, the appointment of Mr. Gill as the CEO of the Company, and the approval of the CSE and other applicable regulatory authorities. No finder’s fees are payable in respect of the Transaction. Further details concerning the Transaction and other matters will be anno...