Val-d'Or Mining Provides Update on NSR Reduction Agreement
Val-d'Or Mining Provides Update on NSR
Reduction Agreement
Val-d'Or, Quebec--(Newsfile Corp. - August 28, 2023) - Val-d'Or Mining Corporation (TSXV: VZZ) (the
"Company") announces that further to the Company's news releases of May 30, 2023 and June 29, 2023
the Company has received conditional approval from the TSX Venture Exchange (the "Exchange") for
the transactions contemplated under the NSR Purchase Agreement dated May 26, 2023 (the "NSR
Purchase Agreement") entered into with 2973090 Canada Inc., a private company wholly-owned and
controlled by Glenn J. Mullan, a director and the Chair, President and Chief Executive Officer of the
Company and Glenn J. Mullan, pursuant to which the Company has agreed to purchase and concurrently
cancel various net smelter return royalties. The Company has agreed to issue, subject to the final
acceptance by the TSX Venture Exchange, an aggregate of 2,222,222 common shares in consideration
for the purchase and cancellation of the net smelter return royalties as set out in the NSR Purchase
Agreement.
The proposed issuance of shares by the Company to 2973090 Canada Inc. and Glenn J. Mullan under
the NSR Purchase Agreement constitutes a related party transaction pursuant to the TSX Venture
Exchange Policy 5.9 and Multilateral Instrument 61-101 –
Protection of Minority Security Holders in
Special Transactions
.
The Exchange requires as a condition of final approval, disinterested shareholder
approval of the NSR Purchase Agreement and transactions contemplated thereby.
Disinterested
shareholder approval will be sought at the Company's forthcoming shareholder meeting, scheduled for
September 8, 2023.
The common shares to be issued by the Company in accordance with the terms of the NSR Purchase
Agreement will be subject to a hold period of four months and one day from the date of issuance in
accordance with applicable securities legislation and TSX Venture Exchange policy.
No finder's fees are
payable in connection with the transaction.
About Val-d'Or Mining Corporation
Val-d'Or Mining Corporation is a junior natural resource issuer involved in the process of acquiring and
exploring its mineral property assets, most of which are situated in the Abitibi Greenstone Belt of NE
Ontario and NW Québec. To complement its current property interests, the Company regularly evaluates
new opportunities for staking and/or acquisitions. Outside of its principal regional focus in the Abitibi
Greenstone Belt, the Company holds several other properties in Northern Québec (Nunavik) covering
different geological environments and commodities (Ni-Cu-PGE's).
The Company has an expertise in the identification and generation of new projects, and in early-stage
exploration. The mineral commodities of interest are broad, and range from gold, copper-zinc-silver,
nickel-copper-PGE to industrial and energy minerals.
After the initial value creation in the 100%-owned,
or majority-owned properties, the Company seeks option/joint venture partners with the technical
expertise and financial capacity to conduct more advanced exploration projects.
For additional information, please contact:
Glenn J. Mullan
2864 chemin Sullivan
Val-d'Or, Québec J9P 0B9
Tel.: 819-824-2808, x 204
Email:
Forward-Looking Statements:
This news release contains certain statements that may be deemed "forward-looking statements.
Forward-looking statements are statements that are not historical facts and are generally, but not always,
identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects",
"potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should"
occur.
Although the Company believes the expectations expressed in such forward-looking statements
are based on reasonable assumptions, such statements are not guarantees of future performance and
actual results or realities may differ materially from those in forward-looking statements. Forward-looking
statements are based on the beliefs, estimates and opinions of the Company's management on the date
the statements are made.
Except as required by law, the Company undertakes no obligation to update
these forward-looking statements in the event that management's beliefs, estimates or opinions, or other
factors, should change.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this
news release.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/178588