Vancouver, British Columbia--(Newsfile Corp. - August 2, 2017) - Seahawk Ventures Inc. (CSE: SHV) ("Seahawk") announces that it has completed the acquisition of a 100% interest in the German Shepherd and Mystery properties (the "Properties") pursuant to the property purchase agreement with RSD Capital Corp. and Michel A. Lavoie (the "Vendors") described in its June 12, 2017 news release. The Properties comprise a total of 66 mineral claims covering approximately 3,900 hectares in the Urban-Barry Greenstone Belt region within the Abitibi sub-province, Quebec, Canada.
Seahawk paid $50,000 in cash and has issued 1,000,000 shares of Seahawk to the Vendors at a price of $0.30 per share. The shares issued to the Vendors are subject to a hold period which expires on December 3, 2017. The Vendors have retained a 2% net smelter return royalty on the properties. Seahawk may elect to purchase one-half of the royalty interest from the Vendors for a payment of $500,000, leaving the Vendors with the remaining 1%.
Seahawk further announces that it has entered into an agreement with the Vendors for the acquisition of the Fecteau property, consisting of 48 mineral claims covering approximately 2,700 hectares, also located in the Urban-Barry Greenstone Belt region within the Abitibi sub-province, Quebec, Canada. Seahawk will pay $60,000 in cash and issue 400,000 common shares of Seahawk to the Vendors at a price of 0.30 per share. The closing of this acquisition will take place on August 4, 2017. The shares issued to the Vendors will be subject to a hold period which expires on December 5, 2017. The Vendors have retained a 2% net smelter return royalty on the properties. Seahawk may elect to purchase one-half of the royalty interest from the Vendors for a payment of $1,000,000, leaving the Vendors with the remaining 1%.
On closing of the acquisition of the Fecteau property, the Company will issued 150,000 common shares at a price of $0.30 in payment of a finder's fee in connection with the acquisition of the Properties and the Fecteau property. These shares will be subject to a hold period which expires on December 5, 2017.
ON BEHALF OF THE BOARD
President and CEO
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