TRU Precious Metals Continues Consolidation at its Flagship Golden Rose Project in Central Newfoundland
July 8, 2021 (Source) — TRU Precious Metals Corp. (TSXV: TRU) (OTCQB: TRUIF) (FSE: 706) (“TRU” or the “Company”) is pleased to announce it has entered into an asset purchase agreement (the “Purchase Agreement”) to acquire a claims package (the “Purchased Assets”), along with related permits and technical data, contiguous with the Company’s flagship Golden Rose Project in Central Newfoundland’s Gold Belt. The Purchased Assets are comprised of five licences (45 claims) covering 1,125 hectares. Portions of the Purchased Assets are located along trend from the 550m long South Wood Lake Gold Zone and provides additional coverage should the gold zone extend onto the land comprising the Purchased Assets. Additionally, certain historic drill holes have been collared on the Purchased Assets targeting the Sure Shot and Hill Top gold occurrences found at the Company’s Golden Rose Project, which are located within a few hundred meters of the Purchased Assets.
Joel Freudman, Co-Founder and CEO of TRU, commented: “Consistent with TRU’s stated strategic objective of continuing the expansion and addition of properties of merit along the Shear Zone, this acquisition is further cementing our rapid growth at our flagship Golden Rose Project. Golden Rose is prime real estate for TRU and adding to our land position is key to TRU’s strategic objectives.”
Terms of the Purchase Agreement
Pursuant to the Purchase Agreement, the vendors will receive an aggregate of 80,000 common shares in the capital of TRU at a deemed price of $0.25 per share as consideration for the Purchased Assets. All TRU shares issuable under the Purchase Agreement will be subject to a hold period expiring four months and one day from the date on which such shares are issued.
The acquisition of the Purchased Assets remains subject to customary conditions. The transaction is expected to be completed as soon as is practicable based on governmental claims transfer processing times and remains subject to regulatory approval by the TSX Venture Exchange. The transaction is an “arm’s length transaction” as defined in the policies of the TSX Venture Exchange and no finder fees are being paid in connection therewith.
Barry Greene, P.Geo. is a qualified person as defined by National Instrument 43-101 and has reviewed and approved the contents and technical disclosures in this press release. Mr. Greene is a director and officer of the Company and owns securities of the Company.
About TRU Precious Metals Corp.
TRU has assembled a portfolio of 5 gold exploration properties in the highly prospective Central Newfoundland Gold Belt. The Company has an option with a subsidiary of TSX-listed Altius Minerals Corporation to purchase 100% of the Golden Rose Project, located along the deposit-bearing Cape Ray – Valentine Lake Shear Zone. TRU also owns 100% of the Twilite Gold Project, located along the same Shear Zone, and 3 under-explored properties including its Rolling Pond Property (under option) bordering New Found Gold Corp.’s high-grade Queensway Project. TRU’s common shares trade on the TSX Venture Exchange under the symbol “TRU”, on the OTCQB Venture Market under the symbol “TRUIF”, and on the Frankfurt exchange under the symbol “706”.
TRU is a portfolio company of Resurgent Capital Corp. (“Resurgent”), a merchant bank providing venture capital markets advisory services and proprietary financing. Resurgent works with promising public and pre-public micro-capitalization Canadian companies. For more information on Resurgent and its portfolio companies, please visit Resurgent’s LinkedIn profile at https://ca.linkedin.com/company/resurgent-capital-corp
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Cautionary Statements Regarding Forward-Looking Information
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 release.
This press release contains certain forward-looking statements, including those relating to the Company’s ability to complete the acquisition of the Purchased Assets, exploring the Purchased Assets and the prospectivity and mineralization of the Purchased Assets and the Golden Rose Project. These statements are based on numerous assumptions regarding the Purchased Assets and the execution and success of exploration plans that are believed by management to be reasonable in the circumstances, and are subject to a number of risks and uncertainties, including without limitation: mineralization hosted on adjacent and/or nearby properties is not necessarily indicative of mineralization hosted on the Purchased Assets and/or the Company’s mineral exploration properties; the exploration potential of the Company’s properties and the nature and style of mineralization at same; risks inherent in mineral exploration activities; volatility in financial markets, economic conditions, and precious metals prices; and those other risks described in the Company’s continuous disclosure documents. Actual results may differ materially from results contemplated by the forward-looking statements herein. Investors and others should carefully consider the foregoing factors and should not place undue reliance on such forward-looking statements. The Company does not undertake to update any forward-looking statements herein except as required by applicable securities laws.
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