Sky Gold Corp. Completes Acquisition of Three Nickel-Copper-Cobalt-Platinum Group Element Properties in the Shebandowan Greenstone Belt, Northwestern Ontario

Rhea-AI Summary

Sky Gold Corp. (OTC PINK:SRKZF) announced the completion of a 100% acquisition of three nickel-copper-cobalt-platinum group element properties located in the Shebandowan Greenstone Belt, Ontario. The deal, accepted by the TSX Venture Exchange, involves the issuance of 1.5 million shares, a payment of $20,000, and a 2.5% NSR to the vendors, with a provision to buy back 1.5% for $2 million. If an ore body over 5 million tonnes is identified as commercially viable, an additional 1 million shares will be issued. Notably, no finder's fees are associated with this acquisition.

Positive

• Acquisition of valuable nickel-copper-cobalt-platinum properties potentially enhances resource portfolio.
• Strategic positioning in the Shebandowan Greenstone Belt could lead to future revenue growth.
• No finder's fees involved, reducing acquisition costs.

Negative

• Future financial benefits depend on the discovery of a commercially viable ore body.
• Potential dilution if additional shares are issued based on ore body findings.

VANCOUVER, BC / ACCESSWIRE / March 2, 2023 / SKY GOLD CORP. ("Sky" or the "Company") (TSXV:SKYG)(OTC PINK:SRKZF) is pleased to announce that the TSX Venture Exchange has accepted for filing with respect to its previously announced 100% acquisition of 3 nickel-copper-cobalt-platinum group element properties, situated in the Shebandowan Greenstone Belt, in northwestern Ontario.

As previously announced in the Company's February 7, 2023, news release, the Company will issue 1.5 million shares, pay $20,000 and grant a 2.5% NSR to the vendors of which 1.5% can be purchased back anytime by the Company at its discretion for two million dollars. Further, in the event that and subsequent to the Closing, SKYG determines in its reasonable discretion that an ore body of more than 5 million tonnes is situated in or on the Property, and that such ore body is commercially viable in accordance with industry standards, then the consideration payable by SKYG shall be adjusted upwards, such that SKYG shall issue an additional 1,000,000 common shares at a price of $0.075 in its capital to the Vendors provided that SKYG has not sold or otherwise relinquished the Property.

There will be no finder's fees associated with this acquisition.

ON BEHALF OF THE BOARD

"Mike England"

Mike England,
CEO, PRESIDENT & DIRECTOR

FOR FURTHER INFORMATION PLEASE CONTACT:

Telephone: 1-604-683-3995
Toll Free: 1-888-945-4770

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

Forward Looking Statements

Certain statements in this release are forward-looking statements, which reflect the expectations of management regarding the matters described herein. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations, or intentions regarding the future. Such statements are subject to risks and uncertainties that may cause actual results, performance, or developments to differ materially from those contained in the statements, including with respect to the completion of the Consolidation or the identification or acquisition of additional mineral assets. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. These forward-looking statements reflect management's current views and are based on certain expectations, estimates and assumptions which may prove to be incorrect. A number of risks and uncertainties could cause our actual results to differ materially from those expressed or implied by the forward-looking statements, including factors beyond the Company's control. These forward-looking statements are made as of the date of this news release.

SOURCE: Sky Gold Corp.

View source version on accesswire.com:
https://www.accesswire.com/741782/Sky-Gold-Corp-Completes-Acquisition-of-Three-Nickel-Copper-Cobalt-Platinum-Group-Element-Properties-in-the-Shebandowan-Greenstone-Belt-Northwestern-Ontario

FAQ

What properties did Sky Gold Corp. acquire on March 2, 2023?

Sky Gold Corp. acquired three nickel-copper-cobalt-platinum group element properties in the Shebandowan Greenstone Belt, Ontario.

How many shares will Sky Gold Corp. issue for the acquisition?

Sky Gold Corp. will issue 1.5 million shares for the acquisition.

What is the significance of identifying an ore body greater than 5 million tonnes?

If an ore body over 5 million tonnes is identified as commercially viable, Sky Gold Corp. will issue an additional 1 million shares to the vendors.

What is the payment structure for the acquisition by Sky Gold Corp.?

Sky Gold Corp. will pay $20,000 and grant a 2.5% NSR to the vendors as part of the acquisition.

Are there any finder's fees associated with the acquisition?

No, there are no finder's fees associated with the acquisition.