Toronto, Ontario--(Newsfile Corp. - December 3, 2024) - Canuc Resources Corporation (TSXV: CDA) (OTCQB: CNUCF) ("Canuc" or the "Company") is pleased to announce that it has signed a letter of intent ("LOI") with Macdonald Mines Exploration Inc. (TSXV: BMK) ("Macdonald Mines"), whereby Canuc will acquire all issued and outstanding shares of Macdonald Mines.
Under the terms of the LOI, Canuc Resources Corporation will issue 72,000,000 common shares of Canuc to the shareholders of Macdonald Mines as consideration for the acquisition. The LOI is in place until April 30, 2025. The transaction represents a significant step forward in Canuc's strategy to expand its portfolio of exploration assets with potential for iron-oxide-copper-gold ("IOCG") and affiliated critical and precious metal deposits, and to consolidate high quality exploration prospects in leading North American extractive jurisdictions.
The proposed acquisition is subject to the approval of shareholders from both companies and the requisite regulatory authorities, including the TSX Venture Exchange, and the satisfactory completion of due diligence by Canuc. Upon securing these approvals, Canuc and Macdonald Mines will proceed to finalize and execute a definitive agreement, further solidifying this strategic transaction.
Commenting on the announcement, Christopher Berlet, CEO of Canuc Resources Corporation, stated:
"This proposed acquisition aligns with Canuc's growth strategy and underscores our commitment to delivering long-term value for our shareholders by consolidating high quality advanced exploration assets in premier jurisdictions. We look forward to collaborating with the team at Macdonald Mines and progressing towards completion of this milestone transaction."
Further details about the transaction will be provided as the process advances.
About MacDonald Mines Exploration Ltd.
Founded in 1935, MacDonald Mines Exploration Ltd. is a mineral exploration company focused on the evaluation, acquisition, and development of precious and critical metals properties in Ontario. The company's flagship project, the 100% owned SPJ Project, spans 19,710 hectares and is situated approximately 40 kilometers northeast of the prolific Sudbury Mining Camp. and near to the extensive infrastructure of the adjacent Sudbury Mining District.
The SPJ Project encompasses several centers of critical and precious metal mineralization interpreted to be related to a mineral system that can form IOCG and affiliated critical and precious mineral deposits. Included within the Project is the historical Scadding Gold Mine and associated gold mineralized system and gold bearing tailings. Minerals of interest on SPJ include copper (Cu), gold (Au), cobalt (co), nickel (Ni) and rare earth elements (REE). MacDonald Mines Exploration Ltd. is committed to responsible and sustainable operations, prioritizing environmental stewardship, safety, and community engagement.
About Canuc
Canuc Resources Corporation is a junior resource company focusing on the San Javier Silver-Gold Project in Sonora State, Mexico. The Company also generates cash flow from natural gas production at its MidTex Energy Project located in Central West Texas, USA where Canuc has an interest in eight (8) producing natural gas wells and has rights for further in field developments.
For further information please contact:
Canuc Resources Corporation.
(416) 525 - 6869
cberlet@canucresources.ca
Forward-Looking Information
This news release contains forward-looking information. All information, other than information of historical fact, constitute "forward-looking statements" and includes any information that addresses activities, events or developments that the Corporation believes, expects or anticipates will or may occur in the future including the Corporation's strategy, plans or future financial or operating performance.
When used in this news release, the words "estimate", "project", "anticipate", "expect", "intend", "believe", "hope", "may" and similar expressions, as well as "will", "shall" and other indications of future tense, are intended to identify forward-looking information. The forward-looking information is based on current expectations and applies only as of the date on which they were made. The factors that could cause actual results to differ materially from those indicated in such forward-looking information include, but are not limited to, the ability of the Corporation to fund the exploration expenditures required under the Agreement. Other factors such as uncertainties regarding government regulations could also affect the results. Other risks may be set out in the Corporation's annual financial statements, MD&A and other publicly filed documents.
The Corporation cautions that there can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, investors should not place undue reliance on forward-looking information. Except as required by law, the Corporation does not assume any obligation to release publicly any revisions to forward-looking information contained in this press release to reflect events or circumstances after the date hereof.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/232272
SOURCE: Canuc Resources Corporation
