Sojourn Exploration Inc. Signs Non-Binding Letter of Intent to Sell Willoughby Property to Strikepoint Gold Inc.
Vancouver, British Columbia--(Newsfile Corp. - January 16, 2019) - Sojourn Exploration Inc. (TSXV: SOJ) (OTC Pink: SJRNF) ("Sojourn") is pleased to announce the signing of a non-binding letter of intent with Strikepoint Gold Inc. (TSXV: SKP) (OTCQB: STKXF) ("Strikepoint") respecting the potential acquisition by Strikepoint of 100% of Sojourn's Willoughby Property (the "Property"). The Property is situated about 30 kilometers east of Stewart, British Columbia in the province's famed Golden Triangle. The terms of proposed transaction set out in the letter of intent (the "Proposed Transaction") include:
- Strikepoint will acquire 100% of the Property;
- Strikepoint will make a cash payment to Sojourn of CAD$85,000;
- Strikepoint will issue 3,000,000 common shares to Sojourn;
- Sojourn will retain a 1.5% net smelter return royalty, which can reduced by Strikepoint to 0.5% for an additional cash payment of $1,000,000.
- Payment to Sojourn of a non-refundable deposit of $10,000.
Sojourn President & CEO Tyler Ruks commented: "The Proposed Transaction will provide Sojourn with a significant share position in Strikepoint and a royalty on the Willoughby project. This will provide Sojourn shareholders with exposure not only to exploration upside at Willoughby, but to Strikepoint's entire project portfolio, which includes exciting high grade precious metals properties in BC's Golden Triangle, and throughout the Yukon. The Strikepoint team has a track record of discovery, wealth creation for shareholders, and significant prior exploration experience with Willoughby. We are confident that the Strikepoint team will make exciting discoveries that will benefit Sojourn shareholders."
The Proposed Transaction is subject to a number of conditions including: the parties entering into a binding definitive agreement containing customary representations and warranties for a transaction of this nature, approval of Sojourn's board of directors, completion of satisfactory due diligence, and receipt of all necessary regulatory approvals including approval of the TSX Venture Exchange.
It is anticipated that the Proposed Transaction will close on or around March 15, 2019.
For further information please contact: Tyler Ruks, President and CEO at +1 (604) 638 3695
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the accuracy or adequacy of this release.