Braveheart Resources Inc. - President & CEO, Ian Berzins
President & CEO, Ian Berzins
Source: NAI500
  • Braveheart Resources (BHT) has signed a definitive agreement with Cadillac Ventures (CDC) to acquire the Thierry Mine Project in Ontario
  • Under the share purchase agreement, Braveheart will purchase 100 per cent interest in the Cadillac subsidiary which owns the project 
  • Consideration will consist of C$300,000 cash, 13.5 million common shares in Braveheart, and a two per cent net smelter royalty
  • Braveheart Resources (BHT) is up 5.26 per cent, and is currently trading for $0.10 per share
  • Cadillac Ventures (CDC) last traded on October 19, for 2.5 cents per share

Braveheart Resources (BHT) has signed a definitive agreement with Cadillac Ventures (CDC) to acquire the Thierry Mine Project in Ontario.

The Thierry Mine Project is located roughly 15 kilometres west of Pickle Lake and hosts a past-producing copper and nickel mine, with underground workings which are currently flooded.

The two mining companies first announced plans for the sale and purchase of the Thierry Mine Project on August 18, 2020. A definitive share purchase agreement has now cemented those plans for the project.

Under the agreement, Braveheart Resources will purchase 100 per cent interest in Cadillac Ventures’ wholly owned subsidiary, Cadillac Ventures Holdings, which owns the project. This will transfer ownership of the project to Braveheart.

In return, Braveheart will pay Cadillac C$300,000 cash and issue 13.5 million common shares in Braveheart. Consideration for the purchase will also include a two per cent net smelter royalty, which will be retained by Cadillac. However, one per cent of this royalty can be purchased by Braveheart for $1 million.

The acquisition of Cadillac’s subsidiary includes approximately $405,000 in cash, which supports closure obligations associated with the property.

Cadillac Ventures has scheduled a shareholding meeting for November 11, where the company will seek the approval of the sale from its shareholders. Pending regulatory and third party approvals and customary conditions, the transaction for the Thierry Project should close in November 2020.

Braveheart Resources (BHT) is up 5.26 per cent, and trading for $0.10 per share, as of 10:22am EDT.

Cadillac Ventures (CDC) last traded on October 19, for 2.5 cents per share.

More From The Market Online

Western Alaska Minerals begins drilling in Alaska

Western Alaska Minerals (TSXV:WAM) begins drilling at its 100-per-cent-owned Illinois Creek property in Western Alaska.

Eric Sprott reduces exposure to TRU Precious Metals

Billionaire investor Eric Sprott allows 9 million warrants for shares of TRU Precious Metals (TSXV:TRU) to expire unexercised. 

Canadian uranium miner to commence Nunavut property exploration

Lexston Mining Corp. (CSE:LEXT) is about to begin its inaugural 2024 geological exploration program on its Itza uranium property in Nunavut.