Hinterland Metals Inc. is pleased to announce that it has entered into a mining property acquisition agreement with Mistango River Resources Inc. an arm’s length party, to sell its non-core asset, the Teck Property, located in the Kirkland Lake Gold Camp of the Province of Ontario. The Teck Property has been inactive for a number of years, with the Company having written of all costs related to the Teck Property in prior years.
Pursuant to the Agreement, the Company has agreed to transfer to the Purchaser 47 mining claims, 22 mining patents, and 2 mining licenses of occupation, all situated in Eby, Teck and Grenfell Townships, in the Province of Ontario, together with all exploration data and technical information associated with the foregoing in the possession of the Company. Pursuant to the Agreement, and subject to applicable laws, the total consideration payable to the Company by the Purchaser will consist of a cash payment of CAD $15,000 as well as 1,500,000 common shares in the capital of the Purchaser.
The Consideration Shares to be issued under the Agreement will be subject to a statutory hold period that extends four months and one day from the closing date. Completion of the transaction is subject to the satisfaction of customary closing conditions (including, without limitation, the receipt of all necessary approvals). Pursuant to the terms of the Agreement, it is anticipated that the transaction will close on or around April 3, 2020 or such later date as agreed upon by the Company and the Purchaser.
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