/NOT FOR DISTRIBUTION TO UNITED STATED NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED
STATES/
ROUYN-NORANDA, QC, July 16, 2020 /CNW/ - Fielded Exploration Inc.
(TSXV: FLX) (Frankfurt: F7E1) is pleased to announce that it has
entered into a Mineral Option Agreement with Vantex Resources Ltd.
(TSXV: VAX) of Vancouver under
which Fieldex can acquire the Galloway Property, comprised of 98
claims in Dasserat Township, Québec.
In order to acquire a 100% interest in the Galloway Property,
Fieldex must pay $250,000 to Vantex
Resources upon approval of the Mineral Option Agreement by the TSX
Venture Exchange (the "Effective Date"), pay an additional
$750,000 to Vantex Resources in three
tranches of $250,000 each over a
period of nine months from the Effective Date. Fieldex and Vantex
Resources Ltd. are dealing at arm's length and no finder's fee is
payable in connection with the acquisition of the Galloway Property
by Fieldex.
In addition, in the event Fieldex exercises its option and
thereafter receives a technical report qualifying a minimum of
500,000 ounces of gold as "indicated resources" on the
Galloway Property, it must pay an additional $500,000 to Vantex Resources. In the event that
the technical report qualifies a minimum of 1,000,000 ounces
of gold as "indicated resources" on the Galloway Property, the
amount of the payment will increase to $1,000,000.
Fieldex is also pleased to announce that it will effect a
private placement of units in a maximum amount of $1 million
at a price of $0.12 per unit. Each
unit will be comprised of one common share and one common share
purchase warrant. Each warrant will entitle its holder to acquire
one additional Fieldex common share at a price of $0.225 for a period of three years.
The proceeds from the private placement may be used by Fieldex
for payments under the Mineral Option Agreement or for general
working capital purposes.
Fieldex will pay a finder's fee of 8% cash and 8% finder's
warrants, each exercisable for one unit at a price of $0.12 for a period of three years from the
completion of the closing of the private placement. Closing is
expected to take place on or before July 31,
2020. The private placement will be effected pursuant to
prospectus exemptions under applicable securities regulations. The
common shares and warrants issued by Fieldex at closing will be
subject to a four-month hold period. PowerOne Capital Markets
Limited will act as finder in connection with the private
placement.
The Mineral Option Agreement and private placement are subject
to approval by the TSX Venture Exchange.
This press release is not an offer or a solicitation of an offer
of securities for sale in the United States. The securities
described herein have not been and will not be registered under the
U.S. Securities Act of 1933, as amended (the "U.S. Securities
Act"), and may not be offered or sold in the United States unless registered under the
U.S. Securities Act or unless an exemption from registration is
available.
About Fieldex
Fieldex is a mineral resource company actively exploring in
Québec on acquiring and exploring precious metals deposits located
in the province of Québec.
Forward-Looking Statements
Except for historical information, this news release may contain
certain "forward looking statements", including those relating to
the Mineral Option Agreement with Vantex Resources Ltd. and the
proposed private placement by Fieldex Exploration Inc. ("Fieldex").
These statements may involve a number of known and unknown risks
and uncertainties and other factors that may cause the actual
results to be materially different from the expectations and
projections of Fieldex. No assurance can be given that any events
anticipated by the forward-looking information will transpire or
occur, including the exercise of the option under the Mineral
Option Agreement or the proposed private placement, or if any of
them do so, what benefits Fieldex will derive therefrom. A more
detailed discussion of the risks inherent in Fieldex's business is
available in documents filed by Fieldex on SEDAR at www.sedar.com.
Unless otherwise stated, all forward-looking statements in this
news release speak only as of the date of this news release and
Fieldex does not have any obligation to update such statements,
except to the extent required by applicable securities laws.
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 the release.
SOURCE Fieldex Exploration Inc.