King’S BAY to Acquire 100% Interest IN the Maybrun GOLD-Copper Property and Announces Concurrent Financing Property Highlights
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KING’S BAY TO ACQUIRE 100% INTEREST IN THE MAYBRUN GOLD-COPPER
PROPERTY AND ANNOUNCES CONCURRENT FINANCING
Property Highlights
• Located in Ontario, a prolific Tier 1 mining jurisdiction ranked 12th best mining jurisdiction
globally in 2021 (Fraser Institute), with established infrastructure (highways and
powerlines) nearby and year-round property access
• Notable regional mining project owners include New Gold (Rainy River Gold Mine), First
Mining Gold (Cameron Project), Treasury Metals (Goliath Gold Complex) and Agnico
Eagle (Hammond Reef)
• 100% interest in 20 patented claims, which allows for potentially faster permitting and
development
VANCOUVER, BRITISH COLUMBIA – MAY 9, 2022 – King’s Bay Resources Corp. (NEX:
KBG.H), (FSE: KGB1) (the “Company” or “King’s Bay”) is pleased to announce it has entered
into a definitive agreement to acquire a 100% interest in the Maybrun Property, a gold-copper
property located approximately 80 km southeast of Kenora, Ontario , through the acquisition of
Lion Rock Resources Inc. (“Lion Rock”).
The Company has entered into a share exchange agreement dated May 6, 2022 (the
“Agreement”) with Lion Rock and the shareholders of Lion Rock, pursuant to which the Company
has agreed to acquire all of the issued and outstanding common shares of Lion Rock in exchange
for the issuance of 5,000,000 common shares of the Company to the shareholders of Lion Rock
and the issuance of 200,000 common shares of the Company to the former vendors of the
Maybrun Property (the “Transaction”). In conjunction with the Transaction, the Company intends
to apply for reactivation as a Tier 2 issuer on the TSX Venture Exchange (the “TSXV”).
Kevin Bottomley, President & Chief Executive Officer, Director of King’s Bay, stated: “I’m excited
for the opportunity to acquire a 100% interest in a promising gold-copper property located in the
heart of the mineral -rich Canadian Shield. We look forward to the reactivation of the Company
and moving our listing from the NEX board back to Tier 2 of the TSXV and once again becoming
an active exploration issuer with a property that hosted a past producing mine. We plan to mobilize
a crew to the Maybrun Property as soon as we complete the concurrent financing and close the
Transaction.”
Concurrent Financing
In connection with the Transaction, t he Company intends to complete a non -brokered private
placement of up to 15,000,000 units of the Company at a price of $0.05 per unit for gross proceeds
of up to $750,000 (the “Financing”), subject to upsizing in the event of strong investor demand.
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The Company intends to use the net proceeds of the Financing for exploration activities on the
Maybrun Property and for general working capital purposes.
The Transaction and the Financing are subject to the satisfaction of customary conditions and the
approval of the TSXV and other applicable regulatory authorities. There can be no assurance that
the Transaction and Financing will be completed as proposed or at all.
About the Maybrun Property
The Maybrun Property is a past producing mine (Maybrun gold-copper deposit) that was
placed on care and maintenance in 1974 for several years prior to an exploration program
conducted by Opawica Explorations Inc. in 2005. The Maybrun Property is located in the Atikwa
Lake Area of the Kenora Mining Division, approximately 80 km southeast of the Town of Kenora,
in North western Ontario. Lion Rock acquired 100% of the mineral rights, surface access and
mining rights to an area encompassed by 20 patented mining claims in early 2020 and
subsequently carried out an initial work program on same. The results of the work program and
recommendations for exploration programs going forward will be set out in a NI 43-101 technical
report that has been commissioned by Lion Rock and which is expected will be finalized and filed
shortly. Access to the property is via paved highways and 28 km of logging roads. The patented
mining claims are held 100% by Lion Rock under a purchase agreement with the property vendor,
pursuant to which Lion Rock paid $50,000 to the vendor and is conditionally required to issue
200,000 common shares of the resulting public company in the event Lion Rock enters into an
amalgamation, reverse takeover or similar transaction with a publicly traded company.
About King’s Bay
King’s Bay is listed on the NEX Board and intends to reactivate and seek a TSXV Tier 2 listing
with the acquisition of Lion Rock and its Maybrun Property.
On Behalf of the Board
Kevin Bottomley President & Chief Executive Officer
O: 604 681 1568
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined
in the policies of the TSXV Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Cautionary Note Regarding Forward-Looking Information:
This news release contains “forward-looking information” and “forward -looking statements”
(collectively, “forward -looking statements”) within the meaning of the applicable Canadian
securities legislation. All statements, other than statements of historical fact, are forward-looking
statements and are based on expectations, estimates and projections as at the date of this news
release. Any statement that involves discussions with respect to predictions, expectations, beliefs,
plans, projections, objectives, assumptions, future events or performance (often but not always
using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not
anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or
variations of such word s and phrases or stating that certain actions, events or results “may” or
“could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical
fact and may be forward-looking statements.
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Forward-looking statements involve known and unknown risks, uncertainties and other factors
which may cause the actual results, performance or achievements of the Company to be
materially different from any future results, performance or achievements expressed or implied
by the forward-looking statements. Factors that could cause actual results to differ materially from
those anticipated in these forward-looking statements include, without limitation, timely receipt of
TSXV and other regulatory approvals for the Transaction and the Financing , satisfaction of all
conditions to the Transaction and the Financing, and other risks and uncertainties . Forward -
looking statements contained herein are made as of the date of this press release and the
Company disclaims, other than as required by law, any obligation to update any forward-looking
statements whether as a result of new information, results, future events, circumstances, or if
management's estimates or opinions should change, or otherwise. There can be no assurance
that forward-looking statements will prove to be accurate, as actual results and future events could
differ materially from those anticipated in such statements. Accordingly, the reader is cautioned
not to place undue reliance on forward-looking statements.