BFD buys out ATV in Urban Barry Beaufield Resources acquires 100% interest in the Urban-Windfall sector
MONTREAL, QUEBEC--(Marketwired - May 24, 2017) - Beaufield Resources Inc. ("Beaufield") (TSX VENTURE:BFD) is pleased to announce the acquisition of a 100% interest in the 299 hectare Windfall East project (the "Property") from Alto Ventures Ltd. (TSX VENTURE:ATV). The property, strategically located, is adjacent to Osisko Mining's Windfall deposit and on trend from Osisko's new Lynx discovery in Urban-Barry Township, Quebec. Property location is shown on the adjoining map.
Terms of acquisition of the Property:
- Beaufield will pay Alto $300,000 cash.
- Beaufield will issue 2.75 million Beaufield shares to Alto.
- Alto will retain a 1% Net Smelter Return Royalty ("NSR") on the property with a buyback provision for 0.5% of the NSR by Beaufield for $1 million.
Concurrently with this acquisition, Beaufield will subscribe for 2,916,667 shares of Alto at a price of $0.12 per share for proceeds of $350,000.
The acquisition is subject to approval of the TSX Venture Exchange.
About Beaufield:
Beaufield is a well financed mineral exploration company with its exploration activity focused in Quebec and Ontario. Please refer to Beaufield's website to view the company's properties in Urban-Windfall, Eleonore-Opinaca, Troilus and Hemlo where a 100% interest was recently announced. The Corporation is actively exploring, well financed with approximately $8 million in working capital, has no debt and has excess work credits on its properties.
The information set forth in this press release includes certain forward-looking statements. Such statements are based on assumptions exposed to major risks and uncertainties. Although Beaufield deems the expectations reflected in these forward-looking statements to be reasonable, the Corporation cannot provide any guarantee as to the materialization of the expectations reflected in these forward-looking statements. The Corporation 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 required by applicable law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) has reviewed or accepts responsibility for the adequacy or accuracy of this Release.