Zimtu Capital Corp. Announces Sale of Mining Claims in the "Wicheeda Extension" to Eagle Bay Resources Corp.

Rhea-AI Summary

Zimtu Capital Corp. announced the sale of four mining claims in the Wicheeda Extension to Eagle Bay Resources Corp. for a total consideration valued at $60,000. This will be paid through the issuance of 800,000 common shares of Eagle Bay, priced at $0.075 per share. The transaction is subject to approval from the TSX Venture Exchange. Zimtu aims for long-term capital appreciation, engaging in diverse sectors including mineral exploration and technology.

Positive

• The sale of mining claims provides Zimtu with a cash equivalent of $60,000 through share issuance.
• The transaction allows Zimtu to concentrate on potential growth opportunities in other sectors.

Negative

• The sale of mining claims may indicate a need for liquidity, which could be seen as a sign of financial stress.
• The transaction is contingent on approval from the TSX Venture Exchange, introducing uncertainty regarding its completion.

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VANCOUVER, BC / ACCESSWIRE / July 29, 2022 / Zimtu Capital Corp. (TSXV:ZC)(FSE:ZCT1) (the "Company" or "Zimtu") announces that it has entered into a definitive agreement with Eagle Bay Resources Corp. ("Eagle Bay") to sell four (4) mining claims which comprise a property known as the "Wicheeda Extension" (the "Property"), located 85 km northeast of Prince George, British Columbia in the Rocky Mountain Rare Metal Belt.

Pursuant to a mineral property purchase agreement dated July 29, 2022 between the Company and Eagle Bay (the "Agreement"), the Company agreed to sell and Eagle Bay agreed to purchase a 100% interest in the claims which comprise the Property. As consideration for the Property, Eagle Bay will pay the Company $60,000, which sum shall be paid and satisfied in full by the issuance, by Eagle Bay, of 800,000 common shares (each, a "Consideration Share") in the capital of Eagle Bay at a deemed price of $0.075 per Consideration Share.

Completion of the transactions contemplated in the Agreement, including the sale and purchase of the Property (the "Closing"), is subject to the Company obtaining the approval, if any, of the TSX Venture Exchange (the "TSXV").

About Zimtu Capital Corp.

Zimtu Capital Corp. is a public investment issuer that aspires to achieve long-term capital appreciation for its shareholders. Zimtu Capital companies may operate in the fields of mineral exploration, mining, technology, life sciences or investment. The Company trades on the TSX Venture Exchange under the symbol "ZC" and Frankfurt under symbol "ZCT1". For more information, please visit www.zimtu.com.

On Behalf of the Board of Directors
ZIMTU CAPITAL CORP.

"David Hodge"
David Hodge
President & Director
Phone: 604.681.1568

NEITHER THE TSX VENTURE EXCHANGE 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.

This press release contains forward-looking statements., which include any information that addresses activities, events or developments that the Company believes, expects or anticipates will or may occur in the future. Forward looking statements in this press release include that the Closing will occur and that the Company will receive requisite approval from the TSXV, if required.

These statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to be materially different from those expressed, implied by or projected in the forward-looking information or statements. Important factors that could cause actual results to differ from these forward-looking statements include, but are not limited to: adverse market conditions, the inability of the Company to complete the proposed sale of the Property, or the TSXV not approving the sale of the Property on the terms announced or at all.

Except as required by law, the Company does not intend to revise or update these forward-looking statements after the date of this document or to revise them to reflect the occurrence of future unanticipated events.

SOURCE: Zimtu Capital Corp.

View source version on accesswire.com:
https://www.accesswire.com/710318/Zimtu-Capital-Corp-Announces-Sale-of-Mining-Claims-in-the-Wicheeda-Extension-to-Eagle-Bay-Resources-Corp

FAQ

What are the terms of Zimtu Capital Corp.'s sale of mining claims to Eagle Bay Resources Corp.?

Zimtu is selling four mining claims in the Wicheeda Extension for $60,000, payable via 800,000 common shares of Eagle Bay at $0.075 each.

When was the sale agreement between Zimtu Capital Corp. and Eagle Bay Resources Corp. announced?

The sale agreement was announced on July 29, 2022.

What is the significance of the sale of mining claims for Zimtu Capital Corp.?

The sale allows Zimtu to generate funds and focus on other strategic opportunities, although it raises questions about liquidity.

Is the completion of the mining claims sale guaranteed for Zimtu Capital Corp.?

No, the completion is subject to approval from the TSX Venture Exchange.