JNC Resources Closes Definitive Agreement with Roogold in Escrow
JNC RESOURCES CLOSES DEFINITIVE AGREEMENT WITH
ROOGOLD IN ESCROW
VANCOUVER, BC – August 30, 2021 – (CSE: JNC) (OTC: JNCCF) (Frankfurt: 5VH) – Further
to our July 8, 2021, news release, JNC Resources Inc. (“JNC” or the “Company”) and RooGold
Inc. (“RooGold”) are pleased to announce the closing in escrow of the definitive agreement as
amended (“Definitive Agreement”) whereby JNC has conditionally acquired a 100% interest in
RooGold’s, subsidiary, Great Southern Precious Metals Pty Ltd. (the “ Subsidiary”) which holds
100% interests in nine (9) past producing and exploratory properties (the “Properties”) in the State
of New South Wales (“ NSW”) Australia. This acquisition will complement the Company’s
existing Australian portfolio, creating a NSW focused company with a dominant land position.
The Company issued into escrow forty million (40,000,000) common shares (the “ Purchase
Shares”) with respect to the shareholders (“Shareholders”) of RooGold in exchange for the issued
and outstanding shares of the Subsidiary. The Purchase Shares deliverable to the RooGold
Shareholders are subject to an escrow whereby the Purchase Shares will be released as to 25% on
meeting certain conditions which will result in the release of the closing documents from escrow
(the “Closing”), 25% on February 27, 2022, an additional 25% on August 27, 2022 and the balance
on February 27, 2023. The Purchase Shares are currently being held in escrow pending satisfaction
of the condition of New South Wales ministerial approval (“Ministerial Approval”) with respect
to the change in control of the Subsidiary and certain other deliverables by Roo. The Company
expects to shortly make application to the Minister for such approval and will provide prescribed
due diligence information on the Company as part of such application process. Once Ministerial
Approval is obtained and the other Closing conditions satisfied, the definitive Closing of the
acquisition will occur and the escrow closing documents will be released from escrow. The
Company expects the Ministerial Approval to be granted in due course given that such approval
has already been received in connection with other acquisitions by the Company.
About JNC Resources Inc.
JNC is a Canada-based junior venture mineral exploration company which is uniquely positioned
to be a dominant player in New South Wales, Australia (NSW) through a growth strategy focused
on the consolida tion and explora tion of highly mineralized precious metals properti es in this
prolific region of Australia. Through its acquisi tion of Southern Precious Metals Ltd, RooGold
Ltd and Aussie Precious Metals Corp proper ties, the Company will command a por tfolio of 13
high-grade potential gold (9) and silver (4) concessions covering 1,380 km2 and that is home to
137 historic mines and prospects.
For further information please contact:
Michael Mulberry
T: 778-855-5001
Forward-Looking Statements
This press release may contain forward-looking statements within the meaning of applicable securities law. Forward-looking
statements are frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate” and
other similar words, or statements that certain events or conditions “may” or “will” occur.
Although the Company believes that the expectations reflected in applicable forward-looking statements are reasonable, there can
be no assurance that such expectations will prove to be correct. Such forward-looking statements are subject to risks and
uncertainties that may cause actual results, performance or developments to differ materially from those contained in such
statements.
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RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.