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BTU Metals Corp V.BTU

Alternate Symbol(s):  BTUMF

BTU Metals Corp. is a Canada-based junior mining exploration company. The principal business of the Company is the exploration of mineral properties. The Company's main assets are the Dixie Halo Project located in Red Lake, Ontario immediately adjacent to the Great Bear Project and the Echum and Hubcap properties in the active Wawa gold district. The Echum and Hubcap properties cover more than 750 mining claims over a total of 16,048 hectares. The Company also has an option agreement to acquire 70% interest in and to over 757 mining claims (12 boundary cell mining claims, three multi-cell mining claims, and 742 single cell mining claims) in the Kenora District of Ontario.


TSXV:BTU - Post by User

Comment by nomoneyon Feb 22, 2023 1:11pm
241 Views
Post# 35298713

RE:RE:Halted,

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.


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