Labrador Resources Provides Update on Proposed Acquisition of Critical Path Resources
thenewswire.com
Calgary, Alberta – November 1, 2024 – TheNewswire - Labrador Resources Inc. (TSXV: LTX) ("Labrador" or the "Company") announces that the previously disclosed Letter of Intent (“LOI”), dated September 3, 2024, regarding its proposed acquisition of all issued and outstanding shares of Critical Path Resources Corp. ("CPR"), has been terminated by mutual agreement, as the closing did not occur by the deadline of October 30, 2024, and the Kasten Debt Restructuring will not be proceeding, as previously announced.
The LOI provided for the acquisition of 100% of the issued and outstanding common shares of CPR, wholly owned by Critical Path Minerals Corp. (the "Vendor"). CPR is an exploration and development company incorporated under the laws of Alberta holding sixteen (16) contiguous uranium exploration mineral claims covering 54,450 hectares in northern Saskatchewan. Due to conditions not being met within the specified timeframe, both parties agreed to terminate the LOI, and the acquisition will not proceed under the current terms.
While the acquisition will not move forward, Labrador remains committed to its strategy of identifying and advancing high-potential projects. The Company will continue to pursue opportunities to strengthen its resource base and build operational capabilities, with a focus on assembling a technical team to support these objectives.
About Labrador Resources Inc.
Labrador Resources Inc. is a resource exploration company focused on high-potential projects, with oil and gas assets in Alberta’s Atlee area.
Contact Information
Kaan Camlioglu
CEO
Phone: 403 818 1091
Email: kcamlioglu@yahoo.ca
Forward-Looking Information
This news release contains forward-looking information, including statements about Labrador’s plans to pursue new opportunities and enhance operational capabilities. These statements are based on assumptions and factors the Company believes to be reasonable but are subject to risks and uncertainties. Actual results may vary. Labrador undertakes no obligation to update forward-looking information except as required by law.
Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
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