1844 Receives Final Payment for Sale of Lac Arsenault Project
1844 Receives Final Payment for Sale of Lac
Arsenault Project
Saskatoon, Saskatchewan--(Newsfile Corp. - April 10, 2024) -
1844 RESOURCES Inc. (TSXV: EFF)
(the "
Company
" or "
1844
") is pleased to provide an update with respect to its previously announced
sale (the "
Transaction
") of the Lac Arsenault project to Canadian Gold Resources Ltd. (the
"
Purchaser
"). Pursuant to the terms of the Transaction, the Purchaser paid 1844 Six Hundred Thousand
Canadian Dollars (CAN$600,000.00) as follows:
One hundred thousand Canadian dollars (CAN$100,000) in cash; and
2,000,000 common shares of the Purchaser (with a deemed value of Five Hundred Thousand
Canadian Dollars (CAN$500,000.00). Such common shares have a statutory hold period expiring
on May 23, 2024.
1844 shall be entitled to a One Percent (1%) NSR and the Purchaser shall have the right to repurchase
the NSR for Five Hundred Thousand Canadian Dollars (CAN$500,000.00).
The Purchaser is a private company existing under the laws of Canada.
The Purchaser has entered into
a business combination agreement with Amseco Exploration Ltd. (TSXV: AEL.H).
Sylvain Laberge President & CEO: "The sale of Lac Arsenault was part of our strategy of concentrating
efforts on our existing Copper Project.
Further, we continue to evaluate additional strategic metal
opportunities in the Province of Quebec."
About 1844 Resources Inc.:
1844 is an exploration company with a focus in strategic and energetic
metals and underexplored regions "Gaspé, Nunavik Québec".
With a dedicated management team, the
Company's goal is to create shareholder value through the discovery of new deposits.
1844 RESOURCES INC.
(signed) "
Sylvain Laberge
"
Sylvain Laberge
President and CEO
514.702.9841
FORWARD-LOOKING INFORMATION
This news release includes "forward-looking statements" and "forward-looking information" within the
meaning of Canadian securities legislation. All statements included in this news release, other than
statements of historical fact, are forward-looking statements including, without limitation, statements with
respect to the expected closings of the Unit Offering and the Option Agreement and the receipt of
regulatory approval, including approval by the Exchange. Forward-looking statements include
predictions, projections and forecasts and are often, but not always, identified by the use of words such
as "anticipate", "believe", "plan", "estimate", "expect", "potential", "target", "budget" and "intend" and
statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and
other similar expressions and includes the negatives thereof.
Forward-looking statements are based on a number of assumptions and estimates that, while
considered reasonable by management based on the business and markets in which the Company
operates, are inherently subject to significant operational, economic, and competitive uncertainties, risks
and contingencies. These include assumptions regarding, among other things: general business and
economic conditions; the availability of additional exploration and mineral project financing; and
Exchange approval.
There can be no assurance that forward-looking statements will prove to be accurate and actual results,
and future events could differ materially from those anticipated in such statements. Important factors that
could cause actual results to differ materially from the Company's expectations include exploration or
other risks detailed from time to time in the filings made by the Company with securities regulators,
including those described under the heading "Risks and Uncertainties" in the Company's most recently
filed MD&A. The Company does not undertake to update or revise any forward-looking statements,
except in accordance with applicable law.
Neither the Exchange nor its Regulation Services Provider (as that term is defined in the
policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.
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