Trueclaim closes acquisition of Northern Skye
Trueclaim Exploration Inc (2) (C:TRM)
Shares Issued 21,305,588
Last Close 9/12/2016 $0.04
Monday September 12 2016 - News Release
Mr. Byron Coulthard reports
TRUECLAIM EXPLORATION ANNOUNCES COMPLETION OF ACQUISITION OF NORTHERN SKYE RESOURCES
Trueclaim Exploration Inc. has completed its previously announced acquisition of all of the securities of Northern Skye Resources Ltd. (NSR), a private Ontario company, by way of a three-cornered amalgamation in connection with which NSR amalgamated with 2501318 Ontario Inc., a wholly owned subsidiary of Trueclaim, and Trueclaim issued a total of 6,720,776 common shares in the capital of Trueclaim to the NSR shareholders on the basis of one Trueclaim share for every three common shares of NSR outstanding prior to the closing (other than NSR shares held by Trueclaim).
Trueclaim believes completion of the Transaction will be a significant step forward in its plan to become a project generator, through the indirect acquisition of NSR's two material properties, the Berry-Desboues Property and the Hebecourt Property.
The Berry-Desboues Property, located in Northern Quebec, is comprised of 421 hectares. NSR has spent approximately $1 million in exploration on the property, including nine holes that were recently drilled as part of a 1,600 metre drill program. All new and existing data has been put into a 3-D model for resource modeling. It is Trueclaim's plan to seek to obtain a resource estimate with respect to the Berry-Desboues Property this year, subject to availability of financing.
The Hebecourt Property is also located in Quebec, in Hebecourt Township, and comprises 2,632 hectares, approximately 50 km from Rouyn/Noranda and contiguous with part of the Fabie Maqusi mine, which last operated in 2009. NSR has spent approximately $1 million in expenditures on the Hebecourt Property, which includes completion of a technical report, diamond drilling and geo-physics.
Both of these additions to Trueclaim's asset base are believed to represent key elements to its plan to become a project generator. Trueclaim is planning to advance these properties, then sell or joint venture its interest in them to companies looking for near term production assets, in a manner similar to its other properties that are currently joint ventured.
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