Toronto, Ontario--(Newsfile Corp. - July 23, 2021) - Currie Rose Resources Inc. (TSXV: CUI) ("Currie" or the "Company") provides an update of the share issue to Accelerate Resources Limited.
- TSX Venture Exchange has accepted for filing the Issue of 8,333,333 ordinary shares to ASX listed Accelerate Resources.
- The share issue will settle an outstanding debt for $500,000 resulting from the 2020 winter drilling program at the Rossland Gold Project in British Columbia.
Accelerate Option - Share Issue
Under the terms of the Agreement August 31, 2020, Accelerate Resources made available CAD$500,000 to Currie Rose, to fund a due diligence exploration program on the Rossland Gold Project (the "Due Diligence Program"), with Currie Rose managing the program at the direction of Accelerate.
On completion of the Due Diligence Program, Accelerate had two options:
- elect to acquire 51% of the Project by issuing 12,500,000 ordinary shares in Accelerate to Currie Rose and making a CAD$200,000 cash payment and further elect to earn a further 49% (100%) of the Project, by spending CAD$1,000,000 within 14 months of Accelerate acquiring the initial 51% of the Project or
- elect not to proceed whereby Currie Rose must repay the Due Diligence Program funding (CAD$500,000) by issuing 8,333,334 common shares at a price of $0.06 per share.
At the conclusion of the Due Diligence Program, Accelerate elected not to proceed resulting in the required share issue to satisfy the debt incurred.
Michael Griffiths, Currie's President and CEO, commented,
"The issue of shares closes our commitment to Accelerate that resulting from the Due Diligence exploration drill program on the Rossland Gold Project and Accelerate has indicated that they will support the company in its endeavours in the future."
For Additional Information please contact:
Mike Griffiths, CEO
Catherine Beckett, Manager Corporate Affairs
About Currie Rose Resources Inc.
Currie Rose is a precious metal explorer focused on identifying high value assets in Canada.
Our current project is located in British Columbia with our immediate focus on the Rossland Project in BC. Please visit our website located at www.currierose.com.
The Currie Rose scientific and technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 (Standards of Disclosure for Mineral Projects) and reviewed and approved on behalf Currie Rose Resources by Michael Griffiths, FAusIMM, President & CEO for Currie Rose Resources, a Qualified Person.
Forward Looking Statements
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 adequacy or accuracy of this release.
This news release may contain forward-looking statements that are based on the Company's expectations, estimates and projections regarding its business and the economic environment in which it operates. Statements about the closing of the transaction, expected terms of the transaction, the number of securities of Currie Rose that may be issued in connection with the transaction, and the parties' ability to satisfy closing conditions and receive necessary approvals are all forward-looking information. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. Therefore, actual outcomes and results may differ materially from those expressed in these forward-looking statements and readers should not place undue reliance on such statements. Statements speak only as of the date on which they are made, and the Company undertakes no obligation to update them publicly to reflect new information or the occurrence of future events or circumstances, unless otherwise required to do so by law.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/91022