Canadian Nexus Team Ventures Corp. Enters Option Agreement
Vancouver, British Columbia--(Newsfile Corp. - July 12, 2021) - Canadian Nexus Team Ventures Corp. (CSE: TEAM) ("Canadian Nexus" or the "Company") is pleased to announce that it has entered into an Option Agreement with arms-length vendors to acquire a 100% interest in the Abitibi Claims. The Abitibi claims are comprised of two groups: Lac Hebert north of the Urban Barry Project and Lac Lapointe covering the westernmost extent of the greenstone belt in the Urban Barry Gold Camp. The Lac Hebert claims cover approximately 1689 hectares, largely adjoining Osisko's holdings in the area. The principal target at Lac Hebert is the contact between the Urban Barry and the Hebert Formations. The Lac Lapointe claims, comprised of 1412 hectares, are on echelon with several historic gold occurrences and deposits, including Bonterra Resources' Barry deposit and Kent Projects to the east.
Under the terms of the agreement, the Company can acquire a 100% interest in the project by issuing an aggregate of 5,100,000 common shares, paying $650,000 over three years, and completing $850,000 in exploration. No new insiders will be created as a result of this transaction. In addition, a 1% (one percent) Gross Overriding Royalty has been granted to the vendors, of which ½% (one-half percent) can be purchased from the vendors for $1,000,000.
"This represents a terrific opportunity for Canadian Nexus as an investment issuer to build out its portfolio in the mining sector. We believe this sector will continue to outperform and are diligently working on additional opportunities within the mining and exploration industry. Our management team will not change nor will our business focus as an investment issuer," stated Arni Johannson CEO.
About Canadian Nexus Team Ventures Corp.
Canadian Nexus (CSE: TEAM) is an investment issuer that actively invests in a diversified portfolio of early-stage to mid-level companies and projects. Canadian Nexus leverages its extensive network of operators and global thought leaders to provide investors with a unique multi-opportunity portfolio.
This news release includes certain forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein including, without limitation, statements the timing, consideration, and completion of the joint venture are forward-looking statements. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Often, but not always, forward-looking information can be identified by words such as "pro forma", "plans", "expects", "will", "may", "should", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", "believes", "potential" or variations of such words including negative variations thereof, and phrases that refer to certain actions, events or results that may, could, would, might or will occur or be taken or achieved. Forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks and other factors include, among others, statements as to the completion of the Acquisition, the anticipated business plans and timing of future activities of the Company, including the Acquisition, the ability of the Company to obtain sufficient financing to fund its business activities and plans, delays in obtaining regulatory approvals (including of the Canadian Securities Exchange), changes in laws, regulations, and policies affecting the Company's operations and the Company's limited operating history.
Readers are cautioned not to place undue reliance on forward-looking statements. The Company undertakes no obligation to update any of the forward-looking statements in this presentation or incorporated by reference herein, except as otherwise required by law.
The Canadian Securities Exchange has not approved nor disapproved the contents of this news release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/90067