Huntington Completes Previously Announced Acquisition of Ontario Mining Properties
08 Februar 2021 - 11:31PM
Huntington Exploration Inc. (
TSX.V:
HEI) (the “
Corporation” or
“
Huntington”) is pleased to announce that, further
to its January 15, 2021 news release, it has completed the
acquisition (the “
Acquisition”) of the mineral
exploration properties in the Birch-Uchi region of Ontario bridging
Treaty 3 and Treaty 9 Territories (the “
Birch-Uchi
Property”).
The purchase price for the Birch-Uchi Property
was satisfied by a cash payment in the aggregate amount of $30,000
and the issuance of an aggregate of 200,000 common shares in the
capital of the Corporation at a deemed price of $0.165 per share.
The common shares issued in connection with the Acquisition are
subject to a hold period that expires on June 6, 2021. In addition,
one of the vendors has retained a 1.5% Net Smelter Return
(“NSR”) royalty, payable upon the commencement of
commercial production from the Birch-Uchi Property. The Corporation
has the right at any time to purchase one-half of the NSR royalty
from such vendor, in consideration of the payment of $500,000,
thereby reducing such royalty to a 0.75% NSR royalty.
ON BEHALF OF THE BOARD OF HUNTINGTON
EXPLORATION“Christopher Brown, P.Eng”Interim President &
CEOhuntingtonexploration@helioscorp.ca Note: Website development is
ongoing with expected release in early 2021.
Neither 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.
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