Braveheart Resources Inc. and Cadillac Ventures Inc. have amended the definitive share purchase agreement with respect to the previously announced (see Braveheart press release of Aug. 18, 2020) purchase by Braveheart of a 100-per-cent interest in the Thierry mine project near Pickle Lake, Ont., from Cadillac (see Cadillac press releases of Aug. 18, 2020, Oct. 21, 2020, and Nov. 12, 2020).
The Definitive Agreement for Braveheart to purchase all the shares of Cadillac Ventures Holdings Inc., Cadillac’s wholly-owned subsidiary which owns the Thierry Project, is being amended to provide that the amount of the purchase price shall be an aggregate of (1) $275,000 cash to Cadillac on the closing date, which represents an unchanged $300,000 net of the $25,000 advanced; (2) Braveheart will issue 11,000,000 Braveheart common shares (reduced from 13,500,000 shares) to Cadillac on the closing date; (3) Braveheart will issue up to an additional 2,500,000 Braveheart common shares following delivery of the pending Updated Rehabilitation Plan to the Ministry of Energy, Northern Development and Mines of Ontario (“MENDM”) for Thierry, with the number of potential Braveheart shares to be reduced from 2,500,000 based on 50% of the amount of additional financial assurance that needs to be posted with MENDM, above the $400,000 as reflected in such plan and using the closing price of the BHT Shares on the date of the Updated Rehabilitation Plan, and Cadillac shall also reimburse Braveheart in cash to the extent that the additional financial assurance exceeds the value of the 2,500,000 Braveheart common shares; and (3) the 2% NSR Royalty grant is unchanged.
The Thierry Project is a past-producing copper and nickel mine located approximately 15 km west of Pickle Lake, Ontario and accessible on a year-round basis by paved and all-weather roads. The property is approximately 4,700 hectares in size and contains a NI 43-101 mineral resource. There is a municipal airport, nearby rail system and provincial power grid within eight km of the mine. The underground infrastructure includes a three-compartment shaft, production decline to 520 metres below surface and lateral developments on three levels. The underground workings are currently flooded.
The Thierry Project transaction is expected to close in December 2020 and is subject to regulatory and third party approvals and customary conditions precedent.
Cadillac also announces that the Earn In Option Interest Assignment Agreement (the “Agreement”) (see press release of December 9, 2019) between Cadillac and Northern Fox Resources Inc. (“NFR”) has been terminated (see press release of September 30, 2020). The Agreement was terminated due to NFR not meeting conditions of the Agreement within the appropriate time periods. Further to the Cadillac press release of September 30, 2020, pursuant the September 28, 2020 Agreement, Cadillac is applying the funds that NFR formerly spent on the Thierry Mine Property (the “Property”) under the Agreement to subscribe for 9,700,000 Cadillac common shares at $0.05 per share. NFR retains no interest in the Property. Pursuant the Agreement, Cadillac received 10,000,000 shares of NFR. The hold period for applicable securities is four months following the date of issuance. The common shares will be issued upon TSX Venture Exchange approval. NFR did not formerly own any shares in Cadillac.
About Braveheart Resources Inc.
Braveheart is a Canadian based junior mining company focused on building shareholder value through exploration and development in favourable and proven Canadian mining jurisdictions. Braveheart’s main asset is the Bull River Mine project near Cranbrook, British Columbia which has a current mineral resource containing copper, gold and silver.
About Cadillac Ventures Inc.
Cadillac Ventures Inc. is an exploration company listed on the TSX-V. Following the sale of Cadillac Ventures Holdings Inc. Cadillac’s asset is the Burnt Hill Tungsten property located in New Brunswick, which contains a NI 43-101 mineral resource. Cadillac is presently valuating other mineral opportunities.
Cadillac Ventures Inc.
President & Chief Executive Officer