(via TheNewswire)
-VR to retain existing royalty purchase rights.
-VR to direct funds to drilling New Boston porphyry copperproject,
NR-24-03
The binding terms of the Definitive Agreement include:
Sale of a 100% interest in H-K (“the Acquisition”) to Neotech Metals Corp. (“Neotech”: C.NTMC), pursuant to a binding, Definitive Agreement dated
March 8 th, 2024A cash consideration from Neotech of
$1,000,000 , of which$600,000 is paid onMarch 28 th, and the$400,000 balance paid no later thanApril 26 th(“the Closing”);Issuance of4,000,000 common sharesin the capital of NeoTech, to be released per the terms of a 30 month escrow agreement, which includes release of 500,000 shares on Closing;
VR retains its existing right to purchase, at any time, a 1.5% NSR from the original property vendors;
VR has the right to nominate one person to the Board of Directors or
Advisory Committee of NeoTech ;Closing is subject to acceptance by the
TSX Venture Exchange and Canadian Securities Exchange.
From VR’s CEO, Dr.
We remain committed to advising Neotech as appropriate on the near-term work that we have previously outlined to advance Hecla-Kilmer through metallurgy and resource evaluation studies. Beyond H-K, and as a major shareholder in Neotech, we hope to be able to contribute our accumulated expertise in the REE space towards furthering the growth of their diversified REE strategy.
We will retain an interest in H-K for our shareholders through our existing royalty buy-down agreement. Further, we retain all of our existing claims away from the H-K property, thus preserving our KSZ regional exploration strategy.
Most importantly for VR, though; the funds from this transaction will be allocated directly into the ground on the copper-moly-silver porphyry system on our New Boston property. More specifically, on the heels of this announcement, and with no dilution to our shareholders, we intend to activate plans for a maiden drill program at New Boston this spring, focused on new DCIP geophysical targets for copper in the heart of the large footprint and polymetallic Cu-Mo-Ag porphyry system exposed at surface over a 4 km strike.”
From NeoTech’s CEO,
* The value of the announced transaction is based on the closing market price of Neotech common shares on
Technical Information
Technical information for this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101.
About the Hecla-Kilmer Property
The Hecla-Kilmer complex is located23 km northwest of the
The H-K property is large. It consists of 10 multi-cell mineral claims in one contiguous block approximately 6 x 7 km in size and covering 4,617 hectares. The property is owned 100% by VR. There are no underlying, annual lease payments on the property, nor are there any joint venture or back-in interests. Hecla-Kilmer is located on provincial crown land, with mineral rights administered by the
About
VR is an established junior exploration company based in
ON BEHALF OF THE BOARD OFDIRECTORS:
“Michael H. Gunning”
_____________________________
Dr.
President & CEO
For general information please use the following:
Website: www.vrr.ca
Email: info@vrr.ca
Phone: 778-731-9292
Forward Looking Statements
This press release contains forward-looking statements. Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, and similar expressions or are those which, by their nature, refer to future events. Forward-looking statements in this release include but are not limited to: the value of Neotech common shares; the potential of the New Boston property to host significant copper mineralization; the plans of Neotech for advancing the H-K property; the assumption that
Although the Company believes that the use of such statements is reasonable, there can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. The Company cautions investors that any forward-looking statements by the Company are not guarantees of future performance, and that actual results may differ materially from those in forward-looking statements. Trading in the securities of the Company should be considered highly speculative. All of the Company’s public disclosure filings are available atwww.sedar.com;readers are urged to review these materials.
Neither the
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