Vancouver, British Columbia – (Newsfile Corp. – September 17, 2021) – Castlebar Capital Corp. (TSXV: CBAR.P) (“Castle bar“or the”Society“) is pleased to announce that it has filed a declaration of filing dated September 14, 2021 (the”Declaration of deposit“) in connection with its proposed” Qualifying Transaction “, as defined on the TSX Venture Exchange (the”To exchange“) Policy 2.4 – Start-up capital companies, relating to the Southern Spectrum mining property (the “Goods“) in British Columbia (the”TransactionIn due course, the Company will issue another detailed press release announcing the closing of the Transaction and the date on which the ordinary shares of the Company will resume trading. Assuming all closing conditions are met, the Company expects to close the Transaction on or around November 1, 2021, with trading in its ordinary shares resuming shortly thereafter.
The filing statement includes audited carve-out financial statements relating to the property for the years ended April 30, 2021 and 2020. The carve-out financial statements show that the property consists of $ 136,500 in exploration and evaluation assets, liabilities nil, nil revenue, and a net loss of $ 2,440 for the year ended April 30, 2021.
A technical report entitled “NI 43-101 Technical Report on the Southern Spectrum Property” with an effective date of February 16, 2021, as revised April 16, 2021, prepared in accordance with NI 43-101 – Disclosure standards for mining projects (“Regulation 43-101“) and the policies of the TSX Venture Exchange (the”To exchange“), has been prepared respecting the Property (the”Technical report“) and was filed under the Company’s SEDAR profile at the same time as the filing of the filing statement.
Castlebar previously entered into a Sale, Assignment, Assumption and Modification Agreement dated January 22, 2021, as amended on June 22, 2021 (the “Final agreement“) with 1162832 BC Ltd. (“1162832“) and Christopher R. Paul & Michael A. Blady (collectively, the”Option or“), under which Castlebar will assume all rights, title and interest of 1162832, as option holder, in and to an option property agreement (the”Option agreement“) dated January 10, 2019, as amended on September 10, 2020, regarding the Property. The parties again amended the Final Agreement in accordance with an amendment agreement dated August 23, 2021. The amendment agreement increases the amount non-refundable deposit payable by Castlebar to 1162832 from $ 5,000 to $ 25,000, which deposit will be used by 1162832 for fees and expenses relating to the property. To date, Castlebar has advanced $ 19,153 from the deposit to 1162832 .
For more information, please see the SEDAR filing statement and technical report at www.sedar.com, as well as the Company’s press releases dated December 11, 2020, January 22, 2021, April 20, 2021 and June 28. , 2021. The Company will provide further updates regarding the Transaction in due course.
Castlebar is a private equity firm in accordance with Exchange Policy 2.4 and its primary business is the identification and valuation of assets or businesses with a view to completing a qualifying transaction.
For more information, please see the Company’s disclosure file on SEDAR (www.sedar.com) or contact the Company as follows: Lucas Birdsall, CEO, at (778) 549-6714 or [email protected] .
This press release contains “forward-looking information” based on the Company’s current expectations, estimates, forecasts and projections. This forward-looking information includes, among other things, the activities, plans, outlook and business strategy of the Company. The words “may”, “would”, “could”, “should”, “will”, “likely”, “expect”, “anticipate”, “intend”, “estimate”, “plan” “,” predict “,” plan “and” believe “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 which may cause the actual results, level of activity, performance or achievements of the Company to differ materially from those expressed or implied by this forward-looking information. These factors include, but are not limited to: changes in economic conditions or financial markets; cost increases; litigation; legislative, environmental and other legal, regulatory, political and competitive developments; and technological or operational difficulties. This list is not exhaustive of the factors that may affect our forward-looking information. These and other factors should be carefully considered and readers should not place undue reliance on such 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 applicable law l ‘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 release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/96937