Mining Stock News – York Harbour Metals (TSXV: YORK) Successfully Closes Acquisition of Rare Earth Elements Mineral Property in Western Newfoundland
Toronto, Ontario – January 31, 2023 (Newsfile Corp.) (Investorideas.com Newswire) York Harbor Metals Inc. (TSXV: YORK) (OTC Pink: YORKF) (FWB: 5DE0) (the “Company” or “York”) is pleased to announce that the TSX Venture Exchange (the “Exchange”), following its prior press release dated December 21, 2022, has approved and the Company has successfully completed the acquisition (the “Acquisition”) of all shares outstanding and outstanding shares of Newbay Mining Corp. (“Newbay”) pursuant to the written agreement (the “Agreement”) between the Company, Newbay and all shareholders of Newbay (collectively, the “Sellers”) and acquired the rare earth element mineral property in western Newfoundland, Canada, known as the Bottom Brook Property (the “Property”). Upon closing, the parties signed an addendum to the Agreement (the “Addendum”) that revised Schedule “A” to include the most recent description of the property, which consists of 18 licenses and 614 mineral claims.
Under the terms of the agreement, York has acquired all of the issued and outstanding securities of a newly merged company, to continue as Newbay, resulting from the vertical combination of Newbay and its wholly owned subsidiary 2802903 Ontario Limited, which held 100% interest in the property . In consideration for the acquisition, the Company has paid a cash deposit of $100,000 to be used for royalties to maintain the Property in good condition and a total of 5,081,293 common shares (the “Consideration Shares”) at an assumed price of $0.492 issued per Compensation Share, which is equal to the 5-day volume weighted average price per share calculated for the period 10 business days prior to the Closing, representing total compensation of $2,500,000 generated by the issuance of 5,081,293 Compensation Shares to the Vendors paid on a pro rata basis. Upon completion of the acquisition, Newbay will be the 100% owner of the property and a wholly owned subsidiary of York.
The Property is subject to a 3% NSR royalty (the “NSR”) payable to vendors, with York retaining the right to repurchase 2% of the NSR for a total payment of $1,500,000. All 5,081,293 Consideration Shares issued by the Company are subject to a four-month statutory hold period. No finder’s fees were paid in connection with the acquisition and no new insiders or controlling persons were created.
Bruce Durham, President and Chief Executive Officer, commented, “2023 is shaping up to be a busy and extremely exciting year for York Harbor in western Newfoundland. We will shortly be announcing the resumption of drilling at the York Harbor Copper-Zinc Project which will focus on newly identified target areas and expand the footprint of copper-zinc mineralization in the main mine area Today’s announcement of the closing of the transaction at the Bottom Rare Earth Project Brook offers us another critical metals project, the only one of its kind on the island of Newfoundland. Over the coming weeks we will provide regular updates on plans and progress on this large, very underexplored rare earth element project with excellent logistics, a important factor for any potential mine development. With the closing of the transaction to secure 100% interest in the Bottom Brook project, we can now proceed with engineering, some initial field work and plans for a significant field program in the spring to define initial drill targets.”
Mr. Durham went on; “We know that the property contains very high-grade REE samples from both surface sampling and historic drill core, there is a very large area of favorable geology and there is potential to use modern techniques to quickly define drill targets. Now that industry and governments are focused on defining new non-Chinese sources of rare earths with excellent infrastructure in stable jurisdictions, this project is exactly what people are looking for.”
Bruce Durham, P.Geo., is a Qualified Person as defined by Canadian Regulations under NI 43-101 and has read and approved the technical information contained in this news release.
about the company
York Harbor Metals Inc. (TSXV: YORK) (OTC Pink: YORKF) (FWB: 5DE0) (formerly Phoenix Gold Resources and (TSXV: PXA) & (OTC Pink: PGRCF)) is an exploration and development company focused on the 100% concentrated York Harbor copper-zinc-silver project, a mineral property located approximately 27 km from Corner Brook, Newfoundland. The Company plans to continue drilling along strike and at depth in the Main mine area and to test the other massive sulphide targets, such as the No 4 Brook showing, while focusing on gaining access to the 400 level and sea level adits receive.
For more information about York Harbor Metals please contact the CEO at [email protected] Tel: +1-778-302-2257 or visit www.yorkharbourmetals.com for previous press releases, media interviews and editorials Contributions from administration.
On behalf of the Board of Directors,
CEO, President and Director
Phone: 778-302-2257 | Email: [email protected]
Cautionary Statement Regarding Forward-Looking Information
This press release may contain “forward-looking information” and “forward-looking statements” within the meaning of applicable Canadian securities laws. All information contained herein that is not historical in nature may constitute forward-looking information. The forward-looking statements contained herein include, but are not limited to, statements relating to the prospects for the development of the Company’s mineral properties and are necessarily based on a number of assumptions which, while believed by management to be reasonable, are inherent The business, market and economy involve risks, uncertainties and contingencies that could cause actual results, performance or achievements to differ materially from those expressed or implied by the forward-looking statements. Except as required by law, the Company disclaims any obligation to update or revise any forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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