ArcWest Exploration Inc. and Geofine Exploration Consultants Ltd. Sign Portable Assessment Credit Purchase Agreement
Vancouver, May 2, 2022 - ArcWest Exploration Inc. (TSXV: AWX) ("ArcWest") is pleased to announce that it has entered into a Portable Assessment Credit purchase agreement (the "PAC Agreement") with Geofine Exploration Consultants Ltd. ("Geofine"). Pursuant to the PAC Agreement, Geofine has agreed to sell $2,732,415 of British Columbia Portable Assessment Credits (the "Purchased PAC") to ArcWest in exchange for a cash payment of $37,500 (the "Cash Payment") and the issuance of $37,500 of common shares of ArcWest (the "Payment Shares").
The issuance of the Payment Shares is subject to the approval of the TSX Venture Exchange (the "Exchange"). The number of Payment Shares issuable to Geofine will be calculated based on the 30-day volume weighted average trading price ("VWAP") of the common shares of ArcWest on the Exchange. In the event that the Exchange does not accept the 30-day VWAP pricing of the Payment Shares, ArcWest will issue the maximum number of Payment Shares as it is able to issue with the Exchange's approval and will make up any shortfall between the deemed value of such Payment Shares and $37,500 in a cash payment to Geofine. In the event that ArcWest is unable to obtain the approval of the Exchange for the issuance of the Payment Shares, ArcWest will pay Geofine an additional $37,500 in cash for an aggregate Cash Payment of $75,000 under the PAC Agreement.
The completion of the transactions contemplated by the PAC Agreement are conditional upon: (a) receipt by ArcWest of approval of the Exchange, and (b) Geofine providing written evidence to ArcWest confirming that all necessary steps required to effect the transfer of the Purchased PAC have been taken by Geofine and that the Purchased PAC has been transferred to ArcWest.
For further information please contact: Tyler Ruks, President and CEO at +1 (604) 638 3695.
About ArcWest Exploration Inc.
ArcWest Exploration is a project generator focused on porphyry copper-gold exploration opportunities throughout western North America. The company owns eight copper-gold projects throughout British Columbia's premier porphyry copper-gold districts. These include ArcWest's Todd Creek and Oweegee Dome projects, which are two of the largest and most prospective land positions for copper-gold exploration in British Columbia's prolific Golden Triangle. Oweegee Dome neighbours Seabridge Gold's supergiant KSM-Iron Cap-Snowfield porphyry copper-gold deposit and Todd Creek neighbours Pretium's Brucejack mine property. Newcrest Mining recently completed the acquisition of Pretium and its high grade Brucejack gold-silver mine in a transaction valued at $3.5 billion. ArcWest's Oweegee Dome, Oxide Peak and Eagle projects are currently being advanced by exploration partners through earn-in and joint venture agreements, under which ArcWest's respective partners may earn up to an 80% interest in each project. Multiple ArcWest copper-gold projects are scheduled to undergo partner funded drill testing in 2022. By conducting partner funded exploration on multiple exploration projects simultaneously, ArcWest's chances of discovery are enhanced while exposing shareholders to minimal dilution. The company is managed by an experienced technical team with a track record of discovery and a reputation for attracting well-funded senior partners, including Freeport McMoRan, Robert Friedland group companies, ITOCHU, Antofagasta and Teck.
This news release contains statements about ArcWest's expectations and are forward-looking in nature. As a result, they are subject to certain risks and uncertainties. Although ArcWest believes that the expectations reflected in these forward-looking statements are reasonable, undue reliance should not be placed on them as actual results may differ materially from the forward-looking statements. The forward-looking statements contained in this news release are made as of the date hereof, and ArcWest undertakes no obligation to update publicly or revise any forward-looking statements or information, except as required by law.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/122343