BCK.v Blind Creek to acquire Engineer, Gold Hill projects
2017-03-03 17:13 ET - News Release
Mr. Thomas Kennedy reports
BLIND CREEK TO ACQUIRE THE ENGINEER MINE AND GOLD HILL PROPERTIES
Blind Creek Resources Ltd. has entered into an agreement to acquire 100-per-cent interest in the Engineer mine property and the adjoining Gold Hill property, situated approximately 32 kilometres southwest of Atlin, B.C., with BCGold Corp. The Engineer mine property includes six Crown-granted mineral claims and three mining claims, while the Gold Hill property comprises five mineral claims. Upon completion of the transaction, the company will have consolidated landholdings over the Engineer mine and Gold Hill properties.
The company has paid BCGold the purchase price of $350,000, the majority of which funds are held in trust pending receipt of all necessary documentation required to close the transaction. As part of the transaction, the company has also agreed to assume certain liabilities owed by BCGold. In addition, the company will grant to BCGold a 1.0-per-cent net smelter return royalty on the Engineer mine property, the Gold Hill property, and the company's Blind Creek property that borders the west and south sides of the Engineer mine property and Gold Hill property. Guardsmen will retain a 2.5-per-cent net smelter return royalty on the Gold Hill property. The company has rights under the agreements to buy back all of BCGold's royalty and up to 2 per cent of Guardsmen's royalty.
A further news release will follow upon closing.
No securities of the company were issued as consideration for the transaction. The transaction constitutes an exempt transaction in accordance with TSX Venture Exchange Policy 5.3, and, therefore, the exchange's approval was not sought or received.
We seek Safe Harbor.
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