Calgary, Alberta--(Newsfile Corp. - May 17, 2024) - Record Resources Inc. (TSXV: REC) reports that it has acquired more uranium properties northeast of Thunder Bay, Ontario.
Record Resources has entered into option agreements with two private exploration companies to explore for uranium on an additional 200 claims. The claims are contiguous or in close proximity to the company's 16,320 hectare (780-claim) Malborne block (see news release of April 8, 2024).
"This is an acquisition of more highly prospective ground for uranium," said Record Resources CEO, Michael Judson. "We are further building on our land position in the area. The deals happen to be with some of the explorers with whom we are already working."
The Black Sturgeon crustal fault system forms the western boundary of the company's claim package. "Our properties are located on a mineralized belt which runs parallel to the Black Sturgeon Fault system," said Judson.
In an agreement with Optionor One, Record Resources acquired an option on the Church North property located to the southwest of the main Malborne block. The Church North property consists of 100 claims. Optionor One consists of prospecting groups 2758145 Ontario Inc and Robin Dunbar.
In an agreement with Optionor Two, Record Resources acquired an option on the Ferguson Lake property consisting of 75 claims which are located on the north side of the Malborne claim block. Optionor Two are prospecting groups 2758145 Ontario Ltd, Peter Gehrels, and Allan Onchulenko. Also, in the same agreement with Optionor Two, the company acquired an option on the Church Northwest property (14 claims) and the "U" property (11 claims) both situated on the southwest side of the Malborne claim block.
Terms of Agreement:
The terms of the agreement for the Church North property (Optionor One) are the same as they are for the Ferguson Lake properties (Optionor Two). Record Resources can own 100 percent of each package of claims by paying to each Optionor separately $20,000 at closing on or before June 30, 2024 and by issuing a total of 300,000 common shares of the company. On the first anniversary of the closing and additional cash payment of $30,000 is due and on the second anniversary of closing a final cash payment of $50,000 is due.
The Optionors will retain a 1.5% Royalty. Record Resources or its assigns shall have the right at any time to purchase from Optionors zero-point five percent (0.5%) Net Smelter Returns Production Royalty by way of a payment to the Optionor of the sum of $500,000.00. An additional zero-point five (0.5%) Net Smelter Returns Production Royalty can be purchased by Record Resources for $1 million. The final zero-point percent (0.5%) Net Smelter Returns Production Royalty can be purchased by Record Resources for $1.5 million.
The shares to be issued as part of this agreement are valued at $0.05 per share. No finders fee was paid. This arms length agreement was signed on May 2, 2024. This transaction is expected to close on or before June 30 , 2024.
Stock Option Plan
The Board of Directors has granted a total of 6,500,000 stock options in accordance with its stock option plan. Options include 4,000,000 issued to directors, officers and insiders of the company exercisable at $0.05 for a period of five years. In addition, 2,500,000 options were issued to consultants of the company exercisable at $0.05 for a period of five years. All options were granted in accordance with and subject to the company's stock option plan, the applicable policies of the TSX Venture Exchange and are also subject to shareholder approval.
Shares for Debt Transaction
Additionally, Record Resources reports that it has agreed to settle an outstanding debt in the aggregate amount of $50,000 owing to a vendor through the issuance of 1,000,000 common shares of the company at a deemed price of $0.05 per common share. The debt was accrued pursuant to the acquisition of the Kenogami East gold property (see August 10, 2022 news release). All common shares will be subject to a four-month and one-day hold period. This debt settlement is subject to TSX Venture Exchange approval.
Qualified Person:
Edward Procyshyn, P.Geo, a qualified person in accordance with National Instrument 43-101, has reviewed and approved the technical information contained in this news release.
For more information please contact:
Michael C. Judson, Chairman & CEO
Record Resources Inc.
T. +1-514-865-5496
Website: www.recordgoldcorp.com
Cautionary Statements
This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes", an or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would" , "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward-looking statements relate, among other things, to: approval of the Private Placement and obtaining a full revocation order. This forward-looking information reflects the Company's current beliefs and is based on information currently available to the Company and on assumptions the Company believes are reasonable. These assumptions include, but are not limited to: the market acceptance of the Private Placement; the ability of the Company to obtain a full revocation order and the receipt of all required approvals in connection with the foregoing. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: general business, economic, competitive, political and social uncertainties; general capital market conditions and market price for securities; and the delay or failure to receive board, shareholder, court or regulatory approvals. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Readers are cautioned that the foregoing list of factors is not exhaustive. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release. Except as required by law the Company does not assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
The Units and the securities comprising the Units have not been and will not be registered under the United States Securities Act of 1933, as amended and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirement. This news release shall not constitute an offer to sell or the solicitation of an offer to buy any securities nor shall there be any sale of securities in the Unites States, or any other jurisdiction, in which such offer, solicitation or sale would be unlawful.
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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/209664
SOURCE: Record Resources Inc.
