Trueclaim Exploration Inc. (TSXV:TRM) has entered into a letter of intent to acquire New Ruby Mining Corp. for CAD 2 million on November 6, 2017. Under the terms of the consideration, each New Ruby share will be exchanged for one common share of Trueclaim. Upon closing of the transaction, the Board of Directors of Trueclaim shall consist of up to six directors all of whom shall be nominated by Trueclaim. The transaction is subject to the completion of financing, regulatory approvals including TSX Venture Exchange, and other mutual conditions. Trueclaim Exploration and New Ruby Mining intend to enter a definitive agreement in respect of the transaction by November 30, 2017. The transaction is expected to be completed by December 6, 2017. Trueclaim Exploration Inc. (TSXV:TRM) cancelled the acquisition of New Ruby Mining Corp. on November 15, 2017.