The Noseno Property is located in north-western
Pursuant to the terms of the LOI, and subject to entering into a definitive agreement (the 'Transaction Agreement'), the Corporation will have the exclusive option to acquire the Noseno Property from NWE by making the following annual cash payments and annual minimum work expenditures, all over a four-year period: XAU may accelerate and carry forward any of the cash payments or work expenditures. Upon full exercise of the Option, XAU shall grant to
XAU proposes to complete a private placement raising not less than
The Transaction, when completed, may be considered to be XAU's Qualifying Transaction for the purposes of the
XAU, a capital pool company within the meanings of the policies of the Exchange, does not have any operations and has no assets other than cash. XAU's business is to identify and evaluate businesses and assets with a view to completing a Qualifying Transaction under the policies of the Exchange.
Completion of the Transaction is subject to a number of conditions, including but not limited to, successful negotiation of the Transaction Agreement, Exchange acceptance, and the completion of the Private Placement. There can be no assurance that the Transaction will be completed as proposed or at all. Investors are cautioned that, except as disclosed in the filing statement to be prepared in connection with the Transaction, any information released or received with respect to the Transaction may not be accurate or complete and should not be relied upon. Trading in the securities of a capital pool company should be considered highly speculative.
This is an initial press release. The Corporation intends to issue a further press release once it has entered into the Transaction Agreement.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
This press release includes certain 'forward-looking statements' under applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to the future business and operations of XAU. Forward-looking statements are 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 statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties and the delay or failure to receive applicable Board or regulatory approvals. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. These forward-looking statements are made as of the date hereof and XAU disclaims any intent or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable securities laws.
Contact:
Tel: 647-339-4301
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