Canuc Announces LOI with Macdonald Mines Exploration Inc.
Canuc Resources has signed a letter of intent (LOI) to acquire all issued and outstanding shares of Macdonald Mines Exploration. The acquisition involves issuing 72,000,000 common shares of Canuc to Macdonald Mines shareholders, with the LOI valid until April 30, 2025. The transaction aims to expand Canuc's portfolio of iron-oxide-copper-gold (IOCG) exploration assets. Macdonald Mines' flagship SPJ Project spans 19,710 hectares near the Sudbury Mining Camp and includes the historical Scadding Gold Mine. The deal requires shareholder and regulatory approvals, including TSX Venture Exchange clearance.
Canuc Resources ha firmato una lettera di intenti (LOI) per acquisire tutte le azioni emesse e in circolazione di Macdonald Mines Exploration. L'acquisizione prevede l'emissione di 72.000.000 azioni ordinarie di Canuc agli azionisti di Macdonald Mines, con la LOI valida fino al 30 aprile 2025. L'operazione mira ad ampliare il portafoglio di beni esplorativi di Canuc nel settore del rame-oro-ossido di ferro (IOCG). Il progetto di punta di Macdonald Mines, SPJ Project, si estende su 19.710 ettari vicino al Sudbury Mining Camp e include la storica Scadding Gold Mine. L'affare richiede l'approvazione degli azionisti e delle autorità di regolamentazione, incluso il nulla osta della Borsa TSX Venture.
Canuc Resources ha firmado una carta de intención (LOI) para adquirir todas las acciones emitidas y en circulación de Macdonald Mines Exploration. La adquisición implica la emisión de 72.000.000 de acciones comunes de Canuc a los accionistas de Macdonald Mines, con la LOI válida hasta el 30 de abril de 2025. La transacción tiene como objetivo expandir el portafolio de activos de exploración de óxido de hierro-cobre-oro (IOCG) de Canuc. El proyecto insignia de Macdonald Mines, SPJ Project, abarca 19.710 hectáreas cerca del Sudbury Mining Camp e incluye la histórica Scadding Gold Mine. El acuerdo requiere la aprobación de los accionistas y de las autoridades regulatorias, incluyendo la autorización de la Bolsa de Valores TSX Venture.
Canuc Resources는 Macdonald Mines Exploration의 발행 및 유통 주식을 모두 인수하기 위한 의향서(LOI)에 서명했습니다. 이 인수는 Canuc이 Macdonald Mines의 주주에게 72,000,000주의 보통주를 발행하는 것을 포함하며, LOI는 2025년 4월 30일까지 유효합니다. 이 거래는 Canuc의 철-구리-금(IOC) 탐사 자산 포트폴리오를 확장하는 것을 목표로 하고 있습니다. Macdonald Mines의 주요 프로젝트인 SPJ Project는 Sudbury Mining Camp 근처의 19,710헥타르에 걸쳐 있으며, 역사적인 Scadding Gold Mine을 포함하고 있습니다. 이 거래는 주주와 규제 기관의 승인을 요구하며, TSX Venture Exchange의 허가를 포함합니다.
Canuc Resources a signé une lettre d'intention (LOI) pour acquérir toutes les actions émises et en circulation de Macdonald Mines Exploration. L'acquisition implique l'émission de 72 000 000 d'actions ordinaires de Canuc aux actionnaires de Macdonald Mines, la LOI étant valide jusqu'au 30 avril 2025. La transaction vise à élargir le portefeuille d'actifs d'exploration de Canuc dans le domaine du cuivre-or-oxyde de fer (IOCG). Le projet phare de Macdonald Mines, SPJ Project, s'étend sur 19 710 hectares près du Sudbury Mining Camp et comprend l'historique Scadding Gold Mine. L'accord nécessite l'approbation des actionnaires et des régulateurs, y compris l'autorisation de la Bourse TSX Venture.
Canuc Resources hat eine Absichtserklärung (LOI) unterzeichnet, um alle ausgegebenen und im Umlauf befindlichen Aktien von Macdonald Mines Exploration zu erwerben. Die Übernahme sieht die Ausgabe von 72.000.000 Stammaktien von Canuc an die Aktionäre von Macdonald Mines vor, wobei die LOI bis zum 30. April 2025 gültig ist. Die Transaktion zielt darauf ab, das Portfolio von Canuc im Bereich der Eisen-Oxid-Kupfer-Gold-(IOCG)-Exploration zu erweitern. Das Flaggschiffprojekt von Macdonald Mines, SPJ Project, erstreckt sich über 19.710 Hektar in der Nähe des Sudbury Mining Camps und umfasst die historische Scadding Gold Mine. Der Deal erfordert die Genehmigung der Aktionäre und der Aufsichtsbehörden, einschließlich der Genehmigung der TSX Venture Exchange.
- Acquisition expands portfolio with 19,710 hectares of mining property
- Strategic access to IOCG deposits and critical minerals near established mining infrastructure
- Integration of historical Scadding Gold Mine into asset portfolio
- Significant shareholder dilution with issuance of 72,000,000 new common shares
- Transaction completion uncertain pending multiple regulatory and shareholder approvals
Toronto, Ontario--(Newsfile Corp. - December 3, 2024) - Canuc Resources Corporation (TSXV: CDA) (OTCQB: CNUCF) ("Canuc" or the "Company") is pleased to announce that it has signed a letter of intent ("LOI") with Macdonald Mines Exploration Inc. (TSXV: BMK) ("Macdonald Mines"), whereby Canuc will acquire all issued and outstanding shares of Macdonald Mines.
Under the terms of the LOI, Canuc Resources Corporation will issue 72,000,000 common shares of Canuc to the shareholders of Macdonald Mines as consideration for the acquisition. The LOI is in place until April 30, 2025. The transaction represents a significant step forward in Canuc's strategy to expand its portfolio of exploration assets with potential for iron-oxide-copper-gold ("IOCG") and affiliated critical and precious metal deposits, and to consolidate high quality exploration prospects in leading North American extractive jurisdictions.
The proposed acquisition is subject to the approval of shareholders from both companies and the requisite regulatory authorities, including the TSX Venture Exchange, and the satisfactory completion of due diligence by Canuc. Upon securing these approvals, Canuc and Macdonald Mines will proceed to finalize and execute a definitive agreement, further solidifying this strategic transaction.
Commenting on the announcement, Christopher Berlet, CEO of Canuc Resources Corporation, stated:
"This proposed acquisition aligns with Canuc's growth strategy and underscores our commitment to delivering long-term value for our shareholders by consolidating high quality advanced exploration assets in premier jurisdictions. We look forward to collaborating with the team at Macdonald Mines and progressing towards completion of this milestone transaction."
Further details about the transaction will be provided as the process advances.
About MacDonald Mines Exploration Ltd.
Founded in 1935, MacDonald Mines Exploration Ltd. is a mineral exploration company focused on the evaluation, acquisition, and development of precious and critical metals properties in Ontario. The company's flagship project, the
The SPJ Project encompasses several centers of critical and precious metal mineralization interpreted to be related to a mineral system that can form IOCG and affiliated critical and precious mineral deposits. Included within the Project is the historical Scadding Gold Mine and associated gold mineralized system and gold bearing tailings. Minerals of interest on SPJ include copper (Cu), gold (Au), cobalt (co), nickel (Ni) and rare earth elements (REE). MacDonald Mines Exploration Ltd. is committed to responsible and sustainable operations, prioritizing environmental stewardship, safety, and community engagement.
About Canuc
Canuc Resources Corporation is a junior resource company focusing on the San Javier Silver-Gold Project in Sonora State, Mexico. The Company also generates cash flow from natural gas production at its MidTex Energy Project located in Central West Texas, USA where Canuc has an interest in eight (8) producing natural gas wells and has rights for further in field developments.
For further information please contact:
Canuc Resources Corporation.
(416) 525 - 6869
cberlet@canucresources.ca
Forward-Looking Information
This news release contains forward-looking information. All information, other than information of historical fact, constitute "forward-looking statements" and includes any information that addresses activities, events or developments that the Corporation believes, expects or anticipates will or may occur in the future including the Corporation's strategy, plans or future financial or operating performance.
When used in this news release, the words "estimate", "project", "anticipate", "expect", "intend", "believe", "hope", "may" and similar expressions, as well as "will", "shall" and other indications of future tense, are intended to identify forward-looking information. The forward-looking information is based on current expectations and applies only as of the date on which they were made. The factors that could cause actual results to differ materially from those indicated in such forward-looking information include, but are not limited to, the ability of the Corporation to fund the exploration expenditures required under the Agreement. Other factors such as uncertainties regarding government regulations could also affect the results. Other risks may be set out in the Corporation's annual financial statements, MD&A and other publicly filed documents.
The Corporation cautions that there can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, investors should not place undue reliance on forward-looking information. Except as required by law, the Corporation does not assume any obligation to release publicly any revisions to forward-looking information contained in this press release to reflect events or circumstances after the date hereof.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/232272
FAQ
What is the share exchange ratio in Canuc Resources (CNUCF) acquisition of Macdonald Mines?
When does the LOI between Canuc Resources (CNUCF) and Macdonald Mines expire?
What is the size of the SPJ Project that Canuc Resources (CNUCF) will acquire?
