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TRU Precious Metals Continues Consolidation of Golden Rose Project
Fredericton, New Brunswick--(Newsfile Corp. - November 15, 2021) - TRU Precious Metals Corp. (...
About this update from Tru Precious Metals Corp.
[{"type":"text","content":"TRU Precious Metals Continues Consolidation of Golden Rose ProjectFredericton, New Brunswick--(Newsfile Corp. - November 15, 2021) - TRU Precious Metals Corp. (TSXV: TRU) (OTCQB: TRUIF) (FSE:706) (\"TRU\" or the \"Company\") is pleased to announce it has entered into an asset purchase agreement (the \"Purchase Agreement\") to acquire 100% ownership of a mineral license covering 200 hectares (the \"Property\") contiguous with the Company's flagship Golden Rose Project (\"Golden Rose\") in the Central Newfoundland Gold Belt, along with related permits and technical data (collectively, the \"Purchased Assets\"). Pursuant to the Purchase Agreement, the vendor will receive the following consideration from TRU for the Purchased Assets: (i) $25,000 in cash; (ii) 135,000 common shares in the capital of TRU (\"TRU Shares\") at a deemed price of $0.16 per TRU Share; and (iii) the granting by TRU of a 2.0% net smelter returns royalty from any future mineral production on the Property, of which 1.0% can be repurchased by TRU for $1,000,000. All TRU Shares issuable under the Purchase Agreement will be subject to a hold period expiring four months and one day from the date on which such TRU Shares are issued.The acquisition of the Purchased Assets remains subject to customary conditions. The transaction is expected to be completed as soon as is practicable based on governmental claims transfer processing times and remains subject to regulatory approval by the TSX Venture Exchange. The transaction is an \"arm's length transaction\" as defined in the policies of the TSX Venture Exchange and no finder fees are being paid in connection therewith.The Company also announces that, separately, it has staked two additional mineral licenses covering 1875 hectares contiguous with Golden Rose.Map 1To view an enhanced version of Map 1, please visit:https://orders.newsfilecorp.com/files/5993/103620_10677939e421cb82_001full.jpgJoel Freudman, Co-Founder and CEO of TRU, commented: \"With soil sampling and geophysical surveying continuing to yield encouraging results, and drilling ongoing as we await initial assays, these tuck-in acquisitions of prospective ground round out TRU's existing district-scale land package at Golden Rose. As we learn more about the geology of the area as our drilling program unfolds we are commensurately becoming more enthusiastic. T...