Sulliden Mining Capital Inc. announces the closing of the acquisition of a private company holding uranium mining concessions in Quebec

0

Sulliden Mining Capital Inc.

TORONTO, May 12, 2022 (GLOBE NEWSWIRE) — Sulliden Mining Capital Inc. (TSX: SMC) (“Sulliden” or the “Corporation”) is pleased to announce that it has completed the transaction to acquire all of the issued and outstanding common shares of an Ontario private corporation (“Privco”) from its shareholders (see the press release of March 23, 2022).

Privco holds 965 uranium claims representing 51,035 hectares of concessions in the favorable mining jurisdiction of Quebec. Most of the property is located within the Proterozoic Otish Supergroup. The claims represent an important land position. Two of the three claim blocks surround the most advanced project in the district, the Matoush deposit (held by Consolidated Uranium Inc. (“Consolidated”)), which has a historical mineral resource of 586,000 tonnes @ 0.954% U3O8 of indicated material and 1,686,000 tonnes at 0.442% U3O8 of inferred material, at a cut-off grade of 0.1% U3O8. For additional information on the Matoush Deposit, please see Consolidated’s press release dated August 19, 2021, which is available under the Company’s SEDAR profile at www.sedar.com.

In consideration for the acquisition of a 100% interest in Privco (the “Acquisition”), Sulliden issued 25,000,000 common shares of the Company to shareholders of Privco at a deemed price per share of $0.125, for a total consideration of $3,125,000. No finder’s fee is payable in connection with the transaction, and no change in control of Sulliden will result from the transaction.

About Sulliden Mining Capital Inc.

Sulliden is a mining company focused on acquiring and advancing brownfield, development and early production mining projects in the Americas.

Sulliden Mining Capital Inc.

On behalf of the Council

“Stan Bharti”
Acting General Manager

For more information:
Ryan Ptolemy
Financial director
ryanp@fmfinancialgroup.com

Warnings

There has not been sufficient exploration to define a Mineral Resource on the properties held by PrivCo and it is uncertain whether further exploration will result in the delineation of a target as a Mineral Resource.

This press release contains “forward-looking information” within the meaning of applicable Canadian securities laws. Forward-looking information includes, but is not limited to, the proposed transaction to acquire Privco, including closing conditions and the timetable for completion of the transaction. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that could cause the Company’s actual results, level of activity, performance or achievements to differ materially from those expressed or implied by such forward-looking information, including obtaining necessary approvals, risks inherent in the mining industry and other risks described in the Company’s public disclosure which is available under the Company’s profile on SEDAR at www.sedar.com. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information, there may be other factors that cause results not to be those anticipated, estimated or expected. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information except in accordance with applicable securities laws.

THE TSX HAS NOT REVIEWED AND ACCEPTS NO RESPONSIBILITY FOR THE ACCURACY OF THIS RELEASE.


Source link

Share.

Comments are closed.