CBLT Closes on Sale of Northshore Gold
CBLT Closes on Sale of Northshore Gold
Burlington, Ontario--(Newsfile Corp. - August 19, 2020) -
CBLT Inc. (TSXV: CBLT) ("CBLT") announces
it has closed the previously announced sale of its 56% of the Northshore Gold Property Joint Venture
(the "
Property
") to
Omni Commerce
Corp.
("
Omni
"), an unlisted reporting issuer in good standing, on
substantially the same terms as previously announced. CBLT has been paid $350,000 in cash and
$1,100,000 in common shares of Omni, which shares are subject to a regulatory four month hold and a
voluntary escrow agreement providing for staggered releases over the next year. The previously
disclosed finder's fee is now payable to arm's length persons. CBLT is now one of Omni's largest
shareholders.
CBLT has been advised by Omni that Omni intends to soon close on its previously announced
agreement with Balmoral Resources Ltd. ("
Balmoral
"), a wholly-owned subsidiary of Wallbridge Mining
Company Limited, to purchase the remaining 44% interest in the Property. CBLT is very supportive of
that agreement as it consolidates title in one owner, de-risks the project, and provides better efficiencies
to develop the Property.
CBLT has also been advised by Omni that Omni has submitted a listing application to the Canadian
Securities Exchange, that Omni intends to change its name to 'Ready, Set, Gold!' to better demonstrate
its business focus, and that Omni intends to aggressively develop Northshore Gold immediately.
"We believe Omni's team is doing all the right things to make the company more valuable," said Peter M.
Clausi, CBLT's CEO. "We are happy with our equity position which gives us passive ongoing exposure
to gold and to Omni's development success. It also allows us to continue our plan to create shareholder
value by continuing with strategic M&A activity, as with Northshore Gold, and by developing our
Canadian mining assets. We expect to be in the field at Big Duck Lake, also in Hemlo, later this year."
CONTACT INFORMATION
Peter M. Clausi
CEO and Director
1 416 890 1232
@ClausiPeter
Neither 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.
This news release contains certain statements that constitute forward-looking statements as they relate
to CBLT and its management. Forward-looking statements are not historical facts but represent
management's current expectation of future events, and can be identified by words such as "believe",
"expects", "will", "intends", "plans", "projects", "anticipates", "estimates", "should", "continues" and
similar expressions. Although management believes that the expectations represented in such forward-
looking statements are reasonable, there can be no assurance that they will prove to be correct.
By their nature, forward-looking statements include assumptions and are subject to inherent risks and
uncertainties that could cause actual future results, conditions, actions or events to differ materially from
those in the forward-looking statements. If and when forward-looking statements are set out in this new
release, CBLT will also set out the material risk factors or assumptions used to develop the forward-
looking statements. Except as expressly required by applicable securities laws, CBLT assumes no
obligation to update or revise any forward-looking statements. The future outcomes that relate to
forward-looking statements may be influenced by many factors, including but not limited to: closing on the
Agreement as described above in a timely manner; Omni and Balmoral carrying out mutual due
diligence review and closing on their agreement; COVID-19; reliance on key personnel; shareholder and
regulatory approvals; First Nations; risks of future legal proceedings; income tax matters; availability and
terms of financing; distribution of securities; commodities pricing; effect of market interest on price of
securities; and, potential dilution. COVID-19 creates risks that at this time are immeasurable and
impossible to define.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/62081