Vancouver, British Columbia--(Newsfile Corp. - March 14, 2024) - Flow Metals Corp. (CSE: FWM) ("Flow Metals" or the "Company") announces that pursuant to the option agreement dated March 23, 2019 to acquire the Sixtymile Property, it has entered into debt settlement agreements (the "Settlement Agreements") with the vendors of the Sixtymile Property to settle the annual advanced royalty payment of $30,000 and it has entered into Settlement Agreements with two insiders of the Company to settle outstanding fees accrued from exploration work at the New Brenda Property in the amount of $15,000 (the "Debt Settlement").
Pursuant to the Settlement Agreements, the Company has agreed to issue an aggregate of 599,998 Common shares at a deemed price of $0.075 per Common share to the vendors and insiders. Closing of the Settlement Agreements is anticipated to occur on or before March 21, 2024.
The Securities issued pursuant to the Settlement Agreements will be subject to a statutory hold period of four months plus a day from issuance in accordance with applicable securities laws.
The Company is also pleased to announce that has applied for a class 3 quartz exploration program permit to further define the continuation of the thrust fault zone at the Sixtymile Property last explored in 2021.
About Sixtymile, Yukon
Sixtymile covers 65 km2 of quartz claim mining tenure over three active placer camps. The project is a 2 hour drive west of Dawson City at the Alaska border. Four gold-bearing creeks on the project have produced over 200,000 ounces of placer gold since the discovery of gold at Sixtymile over 100 years ago.
About New Brenda, British Columbia
New Brenda represents a new road accessible Porphyry style geochemical and magnetic anomaly within the southern BC Quesnel terrane. The Xenoliths Porphyry (XP) target is hosted in the Pennask Batholith also seen at the neighboring Brenda mine to the east. The xenoliths from which XP gets its name are heavily altered Nicola volcanics that have been replaced by biotite.
About Flow Metals
Flow Metals is a mining exploration company focused on advancing two 100% owned road access projects in established mining districts of British Columbia and Yukon.
For further information, please contact:
Scott Sheldon, President
604.725.1857
scott@flowmetals.com
Forward-Looking Information
This press release may include "forward-looking information" (as that term is defined by Canadian securities legislation), concerning the Company's business. Forward-looking information is based on certain key expectations and assumptions made by the Company's management, including future plans for the exploration and development of its mineral properties, future production, reserve potential, and events or developments that the Company expects. Although the Company believes that such expectations and assumptions are reasonable, investors should not rely unduly on such forward-looking information as the Company can give no assurance, they will prove to be correct. Forward-looking statements in this press release are made as of the date of this press release. The Company disclaims any intent or obligation to publicly update any forward-looking information (whether because of new information, future events or results, or otherwise) other than as required by applicable securities laws. There are several risk factors that could cause future results to differ materially from those described herein. Information identifying risks and uncertainties is contained in the Company's filings with the Canadian securities regulators, which filings are available at www.sedarplus.ca.
The Canadian Securities Exchange (operated by CNSX Markets Inc.) has neither approved nor disapproved of the contents of this news release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/201788
SOURCE: Flow Metals Corp.
