ORIGINAL: TRU Precious Metals Completes Purchase of Stony Lake Property in Central Newfoundland Gold Belt
2020-12-16 07:42 ET - News Release
Fredericton, New Brunswick--(Newsfile Corp. - December 16, 2020) - TRU Precious Metals Corp. (TSXV: TRU) (OTCQB: TRUIF) ("TRU" or the "Company") is pleased to announce that, further to its press release dated November 23, 2020, it has completed the indirect purchase of a mineral license for the Stony Lake exploration property in Central Newfoundland (the "Stony Lake Property"), along with all related permits and technical data (collectively, the "Purchased Assets").
The Stony Lake Property is located approximately 5-10 kilometres (km) south of the Company's flagship Twilite Gold Project and consists of 107 claims covering 2,675 hectares.
TRU Co-Founder and CEO Joel Freudman commented: "With the Stony Lake Property now secured, TRU has established a district-scale presence in the Central Newfoundland Gold Belt. With our other properties at Twilite Gold, Rolling Pond, and Gander West we consider this portfolio ready for advancement and potential monetization. We are in the midst of planning and budgeting for corporate and exploration initiatives in 2021, and head towards the new year with significant momentum, a solid working capital base, and a sound capitalization structure, all of which will help TRU take advantage of opportunities to unlock shareholder value."
Figure 1: TRU Newfoundland Gold Exploration Property Portfolio
To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/5993/70391_301a379b84061927_001full.jpg
As previously disclosed, the vendors of the Purchased Assets received an aggregate of 3,350,000 common shares in the capital of TRU at a deemed price of $0.30 per share as consideration for the Purchased Assets. All TRU shares issuable for the Stony Lake Property will be subject to a hold period expiring four months and one day from December 15, 2020.
The acquisition of the Purchased Assets remains subject to regulatory approval by the TSX Venture Exchange.
About TRU Precious Metals Corp.
TRU seeks unique value-creation opportunities and has assembled a portfolio of gold exploration properties in the Central Newfoundland Gold Belt. The Company's common shares trade on the TSX Venture Exchange under the symbol "TRU", and on the OTCQB Venture Market under the symbol "TRUIF".
TRU is a portfolio company of Resurgent Capital Corp. ("Resurgent"), a merchant bank providing venture capital markets advisory services and proprietary financing. Resurgent works with promising public and pre-public micro-capitalization Canadian companies.
For further information, please contact:
Joel Freudman
Co-Founder, President & CEO
TRU Precious Metals Corp.
Phone: (647) 880-6414
Website: www.trupreciousmetals.com
Julie Hajduk
President and CEO
Purple Crown Communications Corp.
Phone: (604) 609-6169
Email: julie@purplecrown.ca
Website: https://purplecrown.ca/