RE:RE:Halted, BTU METALS CORP (C-BTU) - News Release
ORIGINAL: BTU Announces Agreements with Kinross Gold Corporation: Private Placement, Asset Purchase Agreement and Option Agreement
2023-02-22 12:58 ET - News Release
BTU Close 2023-02-21 C$ 0.04
VANCOUVER, BC / ACCESSWIRE / February 22, 2023 / BTU METALS CORP. ("BTU" or the "Company") (TSX:V:BTU)(OTCQB:BTUMF) has entered into a series of transactions (collectively, the "Transactions") with Kinross Gold Corporation ("Kinross") that will strengthen the exploration effort on the significant properties of BTU in the Great Bear gold area southeast of the main Red Lake Gold camp area of northwestern Ontario (the "Dixie Halo Project"). The Dixie Halo Project is located adjacent to Kinross's Great Bear project (the "Great Bear Project") that Kinross, on February 13, 2023, headlined in a press release: "Kinross announces robust initial mineral resource of 2.7 Moz. indicated and 2.3 Moz. inferred for Great Bear project".
The Transactions include: (i) a purchase agreement pursuant to which Great Bear Resources Ltd., a wholly-owned subsidiary of Kinross, ("GBR") acquired from BTU certain unpatented mining claims located in the Kenora District of Ontario, with BTU continuing to participate in those lands through a newly created royalty payable to BTU; (ii) an option agreement, which provides GBR with an option to earn a 70% interest in certain unpatented mining claims held by BTU located in the Kenora District of Ontario; and (iii) a subscription agreement pursuant to which Kinross purchased 25,000,000 common shares of BTU at a purchase price of CAD$0.05 per common share.