Business
XXIX to Acquire 19.9% of Kintavar Exploration
XXIX and Orecap to sell 100% of the Roger Project to Kintavar in an all-share deal XXIX to o...
About this update from Xxix Metal Corp.
[{"type":"text","content":"XXIX to Acquire 19.9% of Kintavar ExplorationXXIX and Orecap to sell 100% of the Roger Project to Kintavar in an all-share dealXXIX to own 19.9% of Kintavar without incurring any dilution - no new XXIX shares will be issuedXXIX to transfer existing option to acquire remaining 50% interest in Roger to OrecapKintavar is a well financed company able to focus on Roger, and gold exploration and development in eastern Chibougamau Toronto, Ontario--(Newsfile Corp. - April 22, 2025) - XXIX Metal Corp‎. (TSXV: XXIX) (OTCQB: QCCUF) (FSE: 5LW0) (\"XXIX\" or the \"Company\") is pleased to announce that it has entered into an asset purchase agreement dated April 21, 2025 (the \"APA\") with Kintavar Exploration Inc‎. (\"Kintavar\"), a TSX Venture Exchange (\"TSXV\") listed mining issuer, and Orecap Invest Corp. (\"Orecap\") pursuant to which XXIX and Orecap will sell ‎100% interest in the 987-hectare Roger project (the \"Transaction\") located in the ‎Chibougamau mining district within the Abitibi greenstone belt (the \"Roger Project\" or the \"Project\"). for a ‎purchase price of $2,137,500 (the \"Purchase Price\").‎ This Transaction will see XXIX acquire 19.9% of Kintavar without any further dilution or issuance of shares by the Company. The investment in Kintavar represents an opportunity for XXIX and its shareholders to monetize a non-core asset within its portfolio and have exposure to a portfolio of assets within an undervalued, well financed company that has been overlooked by the market. Moving forward, Kintavar will have a refreshed focus on gold exploration in eastern Chibougamau, be well capitalized with over $3.6 million in cash, and will have support from the larger Ore Group.The Company considers Roger as non-core within its portfolio of assets, as it focuses on development of its primary copper projects: Opemiska and Thierry. This Transaction will allow XXIX to retain exposure to Roger through an equity investment in a company that will be able to refocus attention and capital on Roger, and a larger eastern Chibougamau gold consolidation strategy. Eastern Chibougamau Gold StrategyKintavar's acquisition of the Roger Project immediately boosts its asset base having an updated mineral resource estimate from 2018. At a cut-off grade of 0.45 g/t gold-equivalent, the Indicated Resource is est...