Rain City Resources Ltd. Announces Share Acquisition
Vancouver, British Columbia--(Newsfile Corp. - May 25, 2021) - Rain City Resources Ltd. (CSE: RAIN) ("RAIN" or "Rain City" or the "Company") is pleased to announce that it has acquired 3,000,000 Crest Resources Inc ("Crest") common shares at a price of $0.25. In exchange, the company will issue 7,500,000 common shares at a price of $0.10 for equal value, which will have four (4) staggered releases over twenty-four (24) months.
Crest Resources Inc. is a British Columbia company listed on the Canadian Securities Exchange under the symbol CRES. The Company's principal business activity is the acquisition, exploration and evaluation of mineral property assets in Canada, Australia and Peru and the investment in mineral exploration companies and related mining technologies of merit. The Company's Canadian assets include various land and corporate ownership positions within the Exploits Subzone, the newest emerging district-scale gold exploration and mining district in the province of Newfoundland and Labrador, mineral recovery systems with 3RC/Ecomine/Gemina Labs, copper and gold exploration in the Toodoggone with Volatus Capital, and Vanadium projects in northwestern Australia with AusVan Battery Metals Pty.
Below are details of few holdings in Crest's portfolio;
Exploits Discovery Corp. is a Canadian mineral exploration company focused on the acquisition and development of mineral projects in Newfoundland, Canada. All projects within Exploits' portfolio lie within the Exploits Subzone. The Company currently holds the Jonathan's Pond, Dog Bay, Mt. Peyton, Middle Ridge, True Grit, Great Bend and Gazeebow projects which cumulatively cover an area of over 2,000 square kilometres. The Company believes that the Exploits Subzone, which runs 200 km from Dog Bay southwest to Bay d'Espoir, has been neglected since the last major exploration campaigns in the 1980s. The last 40 years have seen incremental advancements in the understanding of gold mineralization in the camp. The sum of this knowledge is now coming together in discrete and effective exploration models that have delivered discovery such as New Found Gold's 2019 discovery drill interval of 92.9 g/t Au over 19.0 metres near surface. The Exploits Subzone and GRUB regions have been the focus of major staking and financing throughout 2020, with increased exploration activities forecasted in the area moving into 2021.
Opawica Exploration Inc. is a Canadian mineral exploration company with a strong portfolio of precious and base metal properties within the Rouyn-Noranda region of the Abitibi gold belt in Quebec and in Central Newfoundland and Labrador. The Company's management has a great record in discovering and developing successful exploration projects. The Company's objective is to increase shareholder value through the development of exploration properties using cost-effective exploration practices, acquiring further exploration properties and seeking partnerships by either joint venture or sale with industry leaders.
Origen Resources Inc. is an exploration company engaged in generating, acquiring and advancing base, precious metal, and lithium properties. The Company currently holds a property portfolio of four 100% owned precious and base metal projects in southern British Columbia, a 100% interest in the 26,771 ha LGM project and an option to acquire a 100% interest in the 3,971 ha Wishbone property in the mineral rich Golden Triangle of British Columbia, a 100% interest in the Middle Ridge gold project and a 100% interest in 12 lithium prospects in Newfoundland.
Volatus Capital Corp. is focused on exploration and development of resources in gold and base metals and the green economy that have strong demand profiles.
FOR FURTHER INFORMATION CONTACT:
President and Chief Executive Officer
Rain City Resources Inc.
Telephone: 604 681 3170
This news release contains certain forward-looking statements, which relate to future events or future performance and reflect management's current expectations and assumptions. Such forward-looking statements reflect management's current beliefs and are based on assumptions made by and information currently available to the Company. Readers are cautioned that these forward-looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected including, but not limited to, market conditions, availability of financing, actual results of the Company's exploration and other activities, environmental risks, future metal prices, operating risks, accidents, labor issues, delays in obtaining governmental approvals and permits, and other risks in the mining industry. All the forward-looking statements made in this news release are qualified by these cautionary statements and those in our continuous disclosure filings available on SEDAR at www.sedar.com. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances save as required by applicable law.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/85240