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Braveheart Resources (TSXV:BHT) and Cadillac Ventures (TSXV:CDC) confirm Thierry Mine sale

Mining
TSXV:BHT
21 October 2020 09:00 (EDT)
Braveheart Resources Inc. - 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.

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.

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