LFNT Resources Corp. Announces Option Agreement On Sudbury Project And Non-Brokered Private Placement Offering Of Flowthrough Common Shares To Raise Up To $250,000
LFNT RESOURCES CORP. ANNOUNCES OPTION AGREEMENT ON SUDBURY
PROJECT AND NON -BROKERED PRIVATE PLACEMENT OFFERING OF FLOW -
THROUGH COMMON SHARES TO RAISE UP TO $250,000
Vancouver, BC July 2 7th, 2023 / LFNT Resources Corp. (CSE: LFNT) (“LFNT” or the
“Company”) is pleased to announce that it has signed a definitive agreement (the "Agreement")
allowing the company an option (the "Option") to acquire a 100% interest in the 9,759 hectare
Sudbury Project, consisting of six (6) mineral claims (the "Claims") in the La Ronge Region of
Saskatchewan, Canada.
The Sudbury Project is located 40 km northwest of La Ronge, Saskatchewan (See Figure 1) and
covers a series of disruptive magnetic features just off the Precambrian Shield. These structures
have been interpreted to be caused by magmatic intrusions, such as those associated with the
Lynn Lake, Manitoba Deposits or a Sudbury, Ontario Impact Structure and its deposits.
A VLF-EM conductor along with a Nickel -Copper-Gold MMI (Mobile Metal Ion) an anomaly was
previously identified. A 2022 till sampling program has outlined significant anomalies immediately
down ice from the structures confirming the area has the potential for Nickel, Gold, Copper and
PGE mineralization (Critical Minerals). An Airborne VTEM Survey is planned as the next phase
of exploration.
Transaction Highlights
Under the terms of the Agreement, LFNT may acquire a 100% interest in the Claims by meeting
the following milestones:
Year 1
● $50,000 cash payment on the execution of the agreement.
● 1,500,000 shares on or before 10 Business Days from July 26th, 2023
● $125,000 in expenditures on or before July 26th, 2024
Year 2
● $80,000 cash payment on or before July 26th, 2024
● 2,500,000 shares on or before July 26th, 2024
● Incur $500,000 in cumulative expenditures on or before the July 24th 2025
Year 3
● $170,000 on or before July 26th, 2025.
● 3,500,000 shares on or before July 26th, 2025
● Incur $1,500,000 in cumulative expenditures on or before July 26th, 2026
The Option is subject to the policies of the Canadian Securities Exchange, and other customary
conditions as set out in the Agreement.
Figure 1: Map of Property
Non-Brokered Flow Through Financing
The company is also pleased to announce a non-brokered private placement offering of common
shares to be issued on a “flow through” basis pursuant to the Income Tax Act (Canada) (the “Tax
Act”) (the “Flow-Through Shares”). The Company intends to issue up to 833,333 Flow -Through
Shares at an issue price of $0.30 per Flow-Through Share, for gross proceeds of up to $250,000
(the “Offering”).
The Company intends to use the proceeds from the Offering for the exploration and advancement
of the Company’s properties in British Columbia and/or Saskatchewan.
Proceeds from the sale of Flow -Through Shares will be used to incur “Canadian exploration
expenses” as defined in subsection 66.1(6) of the Income Tax Act and “flow through mining
expenditures” as defined in subsection 127(9) of the Income Tax Act. Such p roceeds will be
renounced to the subscribers with an effective date not later than December 31, 2023 and incurred
no later than December 31, 2024, in the aggregate amount of not less than the total amount of
gross proceeds raised from the issue of FT Shares.
A finder’s fee on the gross proceeds of the Offering may be paid.
The securities issued in connection with the Offering are subject to the Canadian Securities
Exchange approval and all securities will be subject to a four-month statutory hold period after
closing.
Qualified Person
Mr. Ronald Woo, a qualified person as defined by National Instrument 43 -101 - Standards of
Disclosure for Mineral Projects and Director, has reviewed and approved the scientific and
technical disclosure in this press release.
About LFNT Resources Corp.
LFNT Resources Corp. is a British Columbia-based mineral exploration company focused on the
development of assets containing battery, base and precious metals. LFNT holds a land position
in the heart of British Columbia’s renowned Cariboo Mining District. LFNT’s 1,900 ha SkyFire
Property is nestled between Williams Lake and 100 Mile House, meaning infrastructure and
strong labor communities within reach. The company may also evaluate the acquisition of other
mineral explora tion assets and opportunities. LFNT is publicly listed on the Canadian Stock
Exchange (CSE) under trading symbol "LFNT".
On Behalf of the Board of Directors
LFNT Resources Corp.
Shayne Taker
Director and Chief Executive Officer
Tel: (236) 237-2279
Email: [email protected]
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is
defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this
release.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION:
This news release includes certain "forward -looking statements" under applicable Canadian
securities legislation. Forward -looking statements consist of statements that are not purely
historical, including any statements regarding beliefs, plans, expectations or intentions regarding
the future. Forward -looking statements in this news release include statements with respect to
receipt of final approval from the Canadian Securities Exchange and the expected timing of
commencement of trading. Forward -looking st atements are subject to various known and
unknown risks and uncertainties that may cause actual results, performance or developments to
differ materially from those contained in the statements, including risks related to factors beyond
the control of the Company, including, but not limited to: changes in general economic conditions
or conditions in the financial and capital markets; uncertainties related to the availability and costs
of financing needed in the future; business and economic conditions in the mineral exploration
industry generally; the supply and demand for labour and other project inputs; changes in
commodity prices; changes in interest and currency exchange rates; risks related to inaccurate
geological and engineering assumptions; risks rela ting to unanticipated operational difficulties
(including failure of equipment or processes to operate in accordance with the specifications or
expectations, unavailability of materials and equipment, government action or delays in the receipt
of government approvals, industrial disturbances or other job action and unanticipated events
related to health, safety and environmental matters); risks related to adverse weather conditions
and geopolitical risk and social unrest. There can be no assurance that such statements will prove
to be accurate, as actual results and future events could differ materially from those anticipated
in such statements. Accordingly, readers should not place undue reliance on forward -looking
statements. The Company disclaims any intention or obligation to update or revise any forward -
looking statements, whether as a result of new information, future events or otherwise, except as
required by law.