Vancouver, British Columbia--(Newsfile Corp. - May 25, 2016) - Seahawk Ventures Inc. (CSE: SHV) ("Seahawk") is pleased to announce that it has entered into an agreement with Metallis Resources Inc. ("Metallis") to acquire a 100% undivided interest in nine mineral claims known as the Mackenzie Mountains Iron-Copper Property (the "Mackenzie Property") located in the Mackenzie Mining District, Northwest Territories, Canada (the "Property Purchase Agreement").
The Property Purchase Agreement
The Property Purchase Agreement provides that Seahawk will acquire a 100% interest in the Mackenzie Property in consideration for payment to Metallis of an aggregate of $31,651.57 (of which $5,000 is non-refundable), and issuing total of 75,000 common shares of Seahawk to Metallis.
Metallis retains a 2% net smelter returns royalty on the Mackenzie Property (the "Royalty Interest"). Under the terms of the Property Purchase Agreement, Seahawk may elect to purchase all or a part of the Royalty Interest for a purchase price of $500,000 for each one-half of one percent of the Royalty Interest up to an aggregate purchase price of $2,000,000.
The Property Purchase Agreement is subject to receipt of applicable stock exchange approvals by the parties.
The Mackenzie Property
The Mackenzie Property is an early stage iron-copper property situated 190 kilometers west of the town of Norman Wells on the Mackenzie River. The property comprises nine mineral claims that collectively cover 5,076.49 hectares of Crown land in the Northwest Territories of Canada.
A updated technical report is being prepared with respect to the Mackenzie Property (the "Technical Report"), which will include among other things an updated work program with respect to the property. Information from the Technical Report will be included in the Listing Statement which Seahawk will file in respect of this transaction, and a copy of the Technical Report will be filed concurrently with the filing of the Listing Statement. A further news release will be issued when this occurs.
ON BEHALF OF THE BOARD,
Giovanni Gasbarro
President and CEO
Neither the Canadian Stock Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Stock Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information, please contact:
Giovanni Gasbarro
(604) 939-1848
giogas2@gmail.com
