Braveheart Resources and Cadillac Ventures Enter into Definitive Agreement for Purchase and Sale of Thierry Mine Project

Rhea-AI Summary

Braveheart Resources Inc. (BHT) and Cadillac Ventures Inc. (CADIF) have finalized a definitive share purchase agreement for the acquisition of the Thierry Mine Project located near Pickle Lake, Ontario. Braveheart will pay $300,000 in cash and issue 13.5 million shares, along with a 2% net smelter royalty. The Thierry Project, a previous copper and nickel mine, spans approximately 4,700 hectares and includes existing underground infrastructure. A shareholder meeting is scheduled for November 11, 2020 to approve the sale, with closure expected by the end of November 2020.

Positive

• Braveheart is acquiring a 100% interest in the Thierry Mine Project, enhancing its asset portfolio.
• The Thierry Project has existing infrastructure and a NI 43-101 mineral resource, which may lead to future development.

Negative

• The underground workings of the Thierry Mine are currently flooded, which may pose challenges for immediate operations.
• Completion of the transaction is subject to regulatory approvals and shareholder consent, introducing potential delays.

CALGARY, AB and TORONTO, ON / ACCESSWIRE / October 21, 2020 / Braveheart Resources Inc. (BHT) (RIINF) ("Braveheart") and Cadillac Ventures Inc. (TSXV:CDC) (OTC PINK:CADIF) ("Cadillac") are pleased to announce that they have entered into a definitive share purchase agreement (the "Definitive Agreement") with respect to the previously announced (see press release of August 18, 2020) purchase by Braveheart of a 100% interest in the Thierry Mine Project (the "Thierry Project") near Pickle Lake, Ontario from Cadillac.

Under the terms of the agreement, Braveheart will acquire 100% of the shares of Cadillac's wholly-owned subsidiary Cadillac Ventures Holdings Inc., which owns Cadillac's interest in the Thierry Project, for the following consideration: (i) $300,000 in cash; (ii) 13,500,000 common shares of Braveheart; and (iii) a 2% net smelter royalty ("NSR") to be retained by Cadillac of which 1% of the NSR can be purchased by Braveheart for $1,000,000. The acquisition of the Cadillac Ventures Holdings includes approximately $405,000 in cash, which supports closure obligations associated with the property.

The Thierry Project is a past-producing copper and nickel mine located approximately 15 km west of Pickle Lake, Ontario and accessible on a year-round basis by paved and all-weather roads. The property is approximately 4,700 hectares in size and contains a NI 43-101 mineral resource. There is a municipal airport, nearby rail system and provincial power grid within eight km of the mine. The underground infrastructure includes a three-compartment shaft, production decline to 520 metres below surface and lateral developments on three levels. The underground workings are currently flooded.

Cadillac has scheduled a shareholder meeting for November 11, 2020 for the purpose of obtaining the approval of Cadillac shareholders for the sale of the Thierry Project. The transaction is expected to close in November 2020 and is subject to regulatory and third party approvals and customary conditions precedent.

About Braveheart Resources Inc.

Braveheart is a Canadian based junior mining company focused on building shareholder value through exploration and development in favourable and proven Canadian mining jurisdictions. Braveheart's main asset is the Bull River Mine project near Cranbrook, British Columbia which has a current mineral resource containing copper, gold and silver.

About Cadillac Ventures Inc.

Cadillac Ventures Inc. is an exploration company listed on the TSX-V. Following the sale of Cadillac Ventures Holdings Inc. Cadillac's asset is the Burnt Hill Tungsten property located in New Brunswick, which contains a NI 43-101 mineral resource. Cadillac is presently valuating other mineral opportunities.

Contact Information
Braveheart Resources Inc.
Ian Berzins
President & Chief Executive Officer
1-403-512-8202
admin@braveheartresources.com
Website: www.braveheartresources.com

Contact Information
Cadillac Ventures Inc.
Norman Brewster
President & Chief Executive Officer
1-905-837-2000
norman@cadillacventures.com

For more investor information, please contact Braveheart at:

Kevin Shum
O: +1-647-725-3888 Ext 702
M: +1-604-376-0323
E: kevin@jeminicapital.com
E: info@jeminicapital.com

Caution Regarding Forward-Looking Information

This news release includes certain information that may constitute "forward-looking information" under applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements about completion of the purchase of the Thierry project, strategic plans, future work programs and objectives and expected results from such work programs. Forward-looking information necessarily involve known and unknown risks, including, without limitation: Cadillac receiving the requisite shareholder approval; satisfaction of the other closing conditions of the Thierry Project transaction; risks associated with general economic conditions; inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favourable terms; and other risks.

Forward-looking information is necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information and the risks identified in the Company's continuous disclosure record. 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 information. Accordingly, readers should not place undue reliance on forward-looking information. All forward-looking information contained in this news release is given as of the date hereof and is based upon the opinions and estimates of management and information available to management as at the date hereof. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.

Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this new release.

SOURCE: Braveheart Resources Inc.

View source version on accesswire.com:
https://www.accesswire.com/611472/Braveheart-Resources-and-Cadillac-Ventures-Enter-into-Definitive-Agreement-for-Purchase-and-Sale-of-Thierry-Mine-Project

FAQ

What is the Thierry Mine Project acquired by Cadillac Ventures (CADIF)?

The Thierry Mine Project is a past-producing copper and nickel mine located near Pickle Lake, Ontario, spanning 4,700 hectares.

When is the shareholder meeting for Cadillac Ventures to approve the agreement?

The shareholder meeting is scheduled for November 11, 2020.

What are the terms of the acquisition of the Thierry Mine Project by Braveheart (BHT)?

Braveheart will pay $300,000 in cash, issue 13.5 million shares, and retain a 2% net smelter royalty upon acquiring the Thierry Mine.

When is the expected closing date for the acquisition of the Thierry Mine Project?

The transaction is expected to close by the end of November 2020.

What infrastructure exists at the Thierry Mine Project?

The Thierry Mine Project includes underground infrastructure such as a three-compartment shaft and lateral developments.