OAKVILLE, ON, Sept. 22, 2014 /CNW/ - Canoe Mining Ventures
Corp. (TSXV: CLV) ("Canoe Mining") is pleased to announce
that it has entered into a definitive agreement (the "Definitive
Agreement"), with Glencore Canada Corporation
("Glencore"), Mega Uranium Ltd., and Rainy Mountain Royalty
Corp. to acquire a 100% interest in the Hamlin-Deaty Creek Property
(the "Transaction"). The Hamlin-Deaty Creek Property (the
"Property") is located 110km west of Thunder Bay, Ontario in the Shebandowan Belt,
as described in Canoe Mining's May 12,
2014 news release.
The Transaction fits within Canoe Mining's corporate strategy to
consolidate the Shebandowan copper
gold belt. Upon closing the Transaction, management will integrate
the extensive geological data set produced by the previous operator
into a proprietary regional database of the area which includes
information on Canoe Mining`s East Coldstream Gold Deposit.
Pursuant to the terms of the Definitive Agreement and in
consideration for the Property, Glencore will receive $50,000, a 1% net smelter royalty and be offered
a right of first refusal for any future off-take agreement.
Additionally, Rainy Mountain Royalty Corp. and Mega Uranium Ltd.
will each be issued one million common shares in the capital of
Canoe Mining.
Canoe Mining also announces that it intends to proceed with an
equity offering consisting of a non-brokered private placement of
up to 2,000,000 units at a price of $0.15 per unit ("Unit"), for total gross
proceeds of up to $300,000 (the
"Private Placement"). Each Unit will consist of one Canoe
Mining common share and one-half of one common share purchase
warrant. Each whole common share purchase warrant will entitle the
holder to acquire one common share of Canoe Mining at a price of
$0.25 for a period of 24 months from
the closing date of the Private Placement. Management, directors,
and insiders of Canoe Mining intend on participating in the Private
Placement, the net proceeds of which are to be used for general
working capital purposes and for project acquisitions.
Work on the Property will be supervised by R.S. Middleton, P.Eng who is a qualified person
as such term is defined in NI 43-101 and who has reviewed and
approved the technical information and data included in this press
release.
The Transaction and the Private Placement are subject to the
receipt of all required regulatory and exchange approvals.
Additional information and corporate documents may be found on
http://www.sedar.comand on the Canoe Mining website:
www.canoemining.com.
Neither the 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 news release.
On Behalf of the Board of Directors of Canoe Mining,
Duane Parnham, Director
Forward Looking Statements
This news release includes certain forward-looking statements or
information. All statements other than statements of historical
fact included in this release or other future plans, objectives or
expectations of Canoe Mining are forward-looking statements that
involve various risks and uncertainties. There can be no assurance
that such statements will prove to be accurate and actual results
and future events could differ materially from those anticipated in
such statements. Important factors that could cause actual results
to differ materially from Canoe Mining's plans or expectations
include risks relating to the actual results of current exploration
activities, fluctuating gold prices, possibility of equipment
breakdowns and delays, exploration cost overruns, availability of
capital and financing, general economic, market or business
conditions, regulatory changes, timeliness of government or
regulatory approvals and other risks detailed herein and from time
to time in the filings made by Canoe Mining with securities
regulators. Canoe Mining expressly disclaims any intention or
obligation to update or revise any forward-looking statements
whether as a result of new information, future events or otherwise
except as otherwise required by applicable securities
legislation.
SOURCE Canoe Mining Ventures Corp.