Vancouver, British Columbia–(Newsfile Corp. – May 10, 2022) – Castlebar Capital Corp.(TSXV: CBAR.P) (“Castlebar“or the”Company“) is pleased to provide an update regarding its previously announced proposed “Qualifying Transaction” as defined by the TSX Venture Exchange (the “To exchange“) Policy 2.4 – Seed capital companiesregarding the Southern Spectrum mining property (the “Goods“) in British Columbia (the “Transaction“). The Company previously filed an Amended Filing Statement dated November 29, 2021 (the “Filing statement“), and a technical report titled “National Instrument 43-101 Technical Report on the Southern Spectrum Property” having an effective date of October 6, 2021 (the “Technical report“), as part of the Operation.

In due course, the Company will issue another full press release announcing the closing of the transaction and the date on which the common shares of the Company will resume trading. Assuming all closing conditions are satisfied, the Company expects to close the transaction on or about July 15, 2022, and trading in its common shares will resume shortly thereafter.

Castlebar previously entered into a Sale, Assignment, Assumption and Modification Agreement dated January 22, 2021, as amended on June 22, 2021, August 23, 2021, November 22, 2021 and December 31, 2021 (the “Final agreement“), with 1162832 BC Ltd. (“1162832“) and Christopher R. Paul & Michael A. Blady (collectively, the “Optionor“), pursuant to which Castlebar will assume all right, title and interest of 1162832, as option holder, in and to an ownership option agreement (the “Option contract“) dated January 10, 2019, as amended, regarding ownership. In consideration of the definitive agreement, the company: (a) has paid a non-refundable deposit of $25,000 to 1162832; and (b) will issue a total from 1,500,000 common shares to 1,162,832 (500,000 shares at the closing date of the transaction and 1,000,000 shares six months after the closing date of the transaction). to the option agreement, Castlebar shall: (a) issue one of 1,000,000 common shares to the Optionor (700,000 shares on the closing date of the Transaction and 300,000 shares no later than December 31 2022); (b) make cash payments of $40,000 to the Optionor ($30,000 on the closing date of the Transaction and $10,000 on or before December 31, 2022); and (c) spend a total of $1,250,000 for exploration of the property ($250,000 by December 31, 2022; an additional $400,000 by December 31, 2023; and $600,000 additional $0 by December 31, 2024).

For further information, please see the Filing Statement and Technical Report on SEDAR at www.sedar.com, as well as the Company’s press releases dated December 11, 2020, January 22, 2021, April 20, 2021 and of June 28. , 2021, September 17, 2021, October 7, 2021 and November 29, 2021. The Company will provide further updates regarding the Transaction in due course.

About Castlebar

Castlebar is a Capital Pool Company pursuant to Exchange Policy 2.4 and its principal business is the identification and valuation of assets or businesses with a view to completing a qualifying transaction.

For further information, please refer to the Company’s disclosure filing on SEDAR (www.sedar.com) or contact the Company as follows: Lucas Birdsall, CEO, at (778) 549-6714 or [email protected] .

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This press release contains “forward-looking information” based on the Company’s current expectations, estimates, forecasts and projections. Such forward-looking information includes, among other things, the Company’s activities, plans, prospects and business strategy. The words “may”, “should”, “could”, “should”, “will”, “likely”, “expect”, “anticipate”, “intend”, “estimate”, ” plans”, “anticipates”, “projects” and “believes” or other similar words and expressions are intended to identify forward-looking information. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that could cause the Company’s actual results, level of activity, performance or achievements to differ materially from those expressed or implied by such forward-looking information. These factors include, but are not limited to: changes in economic or financial market conditions; cost increases; dispute; legislative, environmental and other legal, regulatory, political and competitive developments; and technological or operational difficulties. This list is not exhaustive of the factors that could affect our forward-looking information. These and other factors should be carefully considered and readers should not place undue reliance on this forward-looking information. The Company does not intend and expressly 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 applicable law. ‘required.

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 press release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/123484