Bald Eagle Announces Assignment of Interest in Hot Springs Joint Venture for USD$1.27 Million
Bald Eagle Announces Assignment of Interest
in Hot Springs Joint Venture for USD$1.27
Million
/NOT FOR DISSEMINATION IN
THE UNITED STATES
OR FOR DISTRIBUTION TO U.S. WIRE
SERVICES/
TORONTO
,
Oct. 4, 2021
/CNW/ - Bald Eagle Gold Corp. ("
Bald Eagle
" or the "
Company
") (TSXV:
BIG) (OTCBQ: BADEF) announces that the Company, through its wholly-owned subsidiary, Frontera
Gold Nevada Inc. ("
Frontera
") has entered into a purchase agreement (the "
Purchase
Agreement
") with Osgood Mountains Gold, LLC ("
Osgood
") and Huizenga Exploration Group, LLC
("
HEG
") to assign to HEG its 50% joint venture interest with respect to certain unpatented mineral
claims and leases in
Nevada
forming the Hot Springs property (the "
Transaction
"). Pursuant to the
terms of the Purchase Agreement, HEG has agreed to pay the Company
USD$1,270,000
in cash.
The Transaction is at arms length.
The Transaction represents a "Reviewable Disposition" as defined in Policy 5.3 - Acquisitions and
Dispositions of Non-Cash Assets of the TSX Venture Exchange (the "
TSXV
"). As such, under the
policies of the TSXV, completion of the Transaction is subject to approval by the TSXV.
Completion of the Transaction is subject to, among other things, obtaining necessary approvals and
consents including approval of the shareholders of the Company. The Company will obtain
shareholder approval by written consent resolution.
Bald Eagle's management, board of directors and advisors believe the transaction advances the
interest of shareholders in several ways:
The Transaction provides
USD$1.27 million
of non-dilutive financing to position the Company for
exploration and development activities at the recently acquired and 100% owned Hercules silver
project (the "
Hercules Project
") in
Idaho
(reference press release dated
August 10, 2021
).
The Company recovers all joint venture expenses incurred and payments and advances made to
Osgood of USD
$1.27 million
.
The Transaction allows the Company to focus on 100% owned and operated properties such as
the recently acquired Hercules Project.
The Company believes the market provides a premium for wholly-owned and operated mineral
assets in comparison to non-majority owned and non-wholly operated interests in joint ventures.
Mr.
Raymond Harari
, President and Director, commented: "The Company has recently attracted
outstanding directors and advisors, each of whom has considerable mineral development and capital
markets experience. With their input, we have determined that shareholder value will be maximized
through operating wholly owned precious metals projects balanced with respect to risk and expected
return. Therefore, we recently announced the acquisition of the wholly owned Hercules Project in
Idaho
. This subsequent sale of our interest in the Hot Springs Joint Venture provides the Company
with non-dilutive financing of
USD$1,270,000
which can be directed to the wholly owned Hercules
Project, in which we have a high level of confidence, as well as further expanding our portfolio of
prospective assets."
About Bald Eagle Gold Corp.
Bald Eagle Gold Corp. is a junior mining company focused on the exploration and development of
advanced exploration assets in known precious metal districts in the Americas. The Company's
objective is to acquire advanced exploration projects for exploration and development. The Company
intends to, through evaluating historical data and utilizing modern exploration techniques and
geological concepts enhance resources. The management team and board of directors of the
Company have an established track record of creating significant returns for investors and have
demonstrated access to capital to advance the development of assets.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies
of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the
securities in
the United States
. Any securities referred to herein have not and will not be registered
under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state
securities laws and may not be offered or sold within
the United States
or to U.S. Persons unless
registered under the U.S. Securities Act and applicable state securities laws of an exemption from
such registration is available.
Forward-Looking Information
This press release contains "forward-looking information" within the meaning of applicable Canadian
securities legislation. Generally, forward-looking information can be identified by the use of forward-
looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget",
"scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes",
or variations of such words and phrases or state that certain acts, events or results "may", "could",
"would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information in this
press release may include, without limitation, the future operating or financial performance of Bald
Eagle, the expectation of obtaining regulatory and shareholder approval of the Transaction; and the
expectation of closing of the Transaction.
Forward-looking information is subject to known and unknown risks, uncertainties and other factors
that may cause the actual results, level of activity, performance or achievements of Bald Eagle, as
the case may be, to be materially different from those expressed or implied by such forward-looking
information. Although Bald Eagle has attempted to identify important factors that could cause actual
results to differ materially from those contained in forward-looking information, there may be other
factors that cause results not to be as anticipated, estimated or intended. There can be no
assurance that such information 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 information. Bald Eagle does not undertake to update any
forward-looking information, except in accordance with applicable securities laws.
SOURCE
Bald Eagle Gold Corp.
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For further information:
Raymond D. Harari, President & Director, Telephone (507) 6675-2221,
Email: [email protected]; Darren Collins, CFO, Telephone: +1 (786) 633-1756, Email:
CO: Bald Eagle Gold Corp.
CNW 12:32e 04-OCT-21