- Infield Minerals (TSXV:INFD) has completed the acquisition of 1468289 B.C. Ltd. (BC Co) and the option to acquire 100 per cent interest in the Kings Canyon Property in Utah
- The company acquired 100 per cent of the issued and outstanding securities of BC Co in consideration of the issuance of an aggregate of 5.4 million common shares of Infield Minerals
- On closing of the acquisition, BC Co’s name was changed to Kings Canyon Gold
- Shares of Infield Minerals are unchanged at C$0.025
Infield Minerals (TSXV:INFD) has completed the acquisition of 1468289 B.C. Ltd. (BC Co) and the option to acquire 100 per cent interest in the Kings Canyon Property in Utah.
In a news release, the company stated it acquired 100 per cent of the issued and outstanding securities of BC Co in consideration of the issuance of an aggregate of 5.4 million common shares of Infield Minerals.
Upon the closing of the acquisition, BC Co’s name was then changed to Kings Canyon Gold.
“Securing the option to acquire the Kings Canyon Property in Utah is a significant achievement that paves the way for the company’s future growth. We are pleased to be working in the State of Utah, which was recently deemed the No. 1 mining jurisdiction in the world for investment attractiveness and policy perception by Fraser Institute,” Evandra Nakano, CEO of Infield Minerals, said in a statement.
Under the terms of the Kings Canyon Option Agreement, Infield Resources is to pay a total of $1.2 million over 30 months. Once the property is transferred to the company, Infield will make payments if the following occur:
- $1 million upon the filing of a 43-101 Technical Report detailing 400,000 ounces or more of mineral product on the prpoerty
- $2 million upon aggregate production of no fewer than 5,000 ounces of mineral product from mining operations on the property
Infield Minerals is focused on the exploration for gold and silver in mining-friendly Nevada.
Shares of Infield Minerals Corp. (TSXV:INFD) are unchanged at C$0.025.
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