VANCOUVER, BC / ACCESSWIRE / June 25, 2024 / Infield Minerals Corp. (TSXV:INFD) ("Infield" or the "Company") is pleased to announce that it has completed the acquisition (the "Acquisition") of 1468289 B.C. Ltd. (" BC Co "), a privately owned company that has, as its sole asset, an option agreement with Geomark Minerals USA Inc. ("Geomark") to acquire an undivided 100% interest in the Kings Canyon property (the "Property" or "Kings Canyon Property") in the state of Utah, USA (the "Kings Canyon Option Agreement"). The Acquisition was previously announced on May 30, 2024.
"Securing the option to acquire the Kings Canyon Property in Utah is a significant achievement that paves the way for the Company's future growth. We are pleased to be working in the State of Utah, which was recently deemed the number one mining jurisdiction in the world for investment attractiveness and policy perception by Fraser Institute1", said Evandra Nakano, President and CEO of Infield.
Pursuant to the terms of the Acquisition, the Company acquired 100% of the issued and outstanding securities of BC Co in consideration of the issuance of an aggregate of 5,422,896 common shares of the Company ("Infield Shares") to former securityholders of BC Co. The Infield Shares issued in connection with the Acquisition are subject to a statutory hold period expiring October 24, 2024. No finder's fees were paid or applicable in connection with the Acquisition.
On closing of the acquisition, BC Co's name was changed to Kings Canyon Gold Corp.
Pursuant to the terms of the Kings Canyon Option Agreement, in order to earn a 100% undivided interest in the Property, subject to pre-existing royalties ranging from two to five percent, the Company must pay to Geomark a total of $1,200,000 over a period of thirty (30) months in accordance with the following schedule; $300,000 within five days of closing of the Acquisition; $300,000 on or before the date, which is six months after closing of the Acquisition, one-half of which may be paid in common shares of Infield2, at its sole option; $300,000 on or before the date, which is eighteen months after closing of the Acquisition, one-half of which may be paid in common shares of Infield2, at its sole option; and $300,000 on or before the date which is thirty (30) months after closing of the Acquisition, one-half of which may be paid in common shares of Infield2, at its sole option.
Following exercise of the Option and transfer of the Property to BC Co, Infield (through BC Co) shall make the following payments to Geomark if the following events occur; $1,000,000 upon filing of a 43-101 Technical Report describing 400,000 ounces or more of Mineral Product3 within the Property; and $2,000,000 upon achievement of aggregate production of no less than 5,000 ounces of Mineral Product from mining operations on the Property.
A copy of the 43-101 Technical Report4 regarding the Kings Canyon Property (as defined below) will be filed and will be accessible under Infield's profile on SEDAR (www.sedarplus.ca).
For more information, please contact Evandra Nakano, the CEO, President and a director of the Company, at +1 (604) 220-4691 or email: info@infieldminerals.com
On Behalf of the Board of Directors of Infield Minerals Corp.
Evandra Nakano
President, CEO & Director
About Infield
Infield Minerals is currently exploring for gold within the U.S. Great Basin. Our mission is to grow and deliver value through discovery, acquisitions and sustainable development of high quality, high potential assets for the social and economic benefits of our stakeholders. Founded in 2020, Infield is led by a team of mining entrepreneurs with extensive technical and resource evaluation experience.
www.infieldminerals.com
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.
Forward-Looking Statements
Statements included in this announcement, including statements concerning Infield's plans, intentions and expectations, which are not historical in nature, are intended to be, and are hereby identified as, "forward-looking statements". Forward-looking statements include, among other matters, Infield's exploration plans for its mineral exploration properties, including the option for the Kings Canyon property. Forward-looking statements may be, but are not always, identified by words including "anticipates", "believes", "intends", "estimates", "expects" and similar expressions. Infield cautions readers that forward-looking statements, including without limitation those relating to Infield's future operations and business prospects, are subject to certain risks and uncertainties (including geopolitical risk, regulatory, and exchange rate risk) that could cause actual results to differ materially from those indicated in the forward-looking statements. There can be no assurance that any forward-looking statement will prove to be accurate or that management's assumptions underlying such statements, including assumptions concerning future developments, circumstances or results, will materialize. The forward-looking statements included in this news release are made as of the date of this new release and Infield does not undertake to update or revise any forward-looking information included herein, except in accordance with applicable securities laws.
[1] Fraser Institute 2023 Mining Survey
[2] The price of the common shares issuable under all option payments is based on the 30-day volume weighted average trading price of Infield's common shares following Infield's notice to Geomark of its intention to pay in common shares. If such issue price is less than the price permitted by the TSXV, the issue price shall be adjusted to be the lowest price per common share permitted by the TSXV.
[3] Valuable rock, minerals, precious metals, ore and other valuable substances extracted from the Property.
[4] Means a technical report, as such term is defined in National Instrument 43-101 Standards of Disclosure for Mineral Projects .
SOURCE: Infield Minerals Corp.
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