Bolt Metals Enters Into Definitive Agreement To Acquire Switchback Copper-Silver Property
Vancouver - Bolt Metals Corp. ("Bolt" or the "Company") (CSE: BOLT) (FRANKFURT: A2QEUB) (OTCQB: PCRCF) is pleased to announce that further to it's press release on September 19, 2024, it has entered into a definitive agreement (the "Definitive Agreement") with 1436060 B.C. Ltd. ("143 BC") dated September 30, 2024, providing for the acquisition by the Company of 143 BC, which holds a beneficial interest in the Switchback Copper-Silver property (the "Property"), located in the Omineca Mining Division of British Columbia, from the shareholders of 143 BC (the "Transaction"). The Switchback Copper-Silver Property is an exploration stage property located 55 kilometres east of Terrace, British Columbia, via forest service roads. The Property consists of eight contiguous mineral claims totalling 2,560 hectares and is prospective for volcanic redbed copper and polymetallic Cu - Ag - Pb - Zn deposits. Exploration to date, including mapping, sampling, and drilling has outlined significant anomalous areas and prospective targets1.
Under the terms of the Definitive Agreement, at closing of the Transaction, the Company will issue an aggregate of 4,000,000 common shares in the Company (the "Consideration Shares") to the shareholders of 143 BC pro rata to their respective shareholdings in 143 BC. The Company will also make a cash payment of CAD$20,000 on execution of the Definitive Agreement in payment of 143 BC's legal and professional costs for the Transaction. The Transaction arm's length and there are no finder's fees payable in connection therewith. The Consideration Shares issued pursuant to the Transaction will be subject to a 6-month voluntary lock-up period, whereby the recipients of the Consideration Shares will be restricted from trading the Consideration Shares (the "Initial Lockup Period"). Following the Initial Lockup Period, the Consideration Shares will be released at a rate of 20% per month. The Company anticipates closing the Transaction on or around October 7, 2024 (the "Closing").
The Closing of the Transaction is subject to a range of conditions, including, but not limited to, the receipt of all required shareholder and regulatory approvals, including the approval of the Canadian Securities Exchange.
Qualified Person
Mr. Garry Clark, P. Geo., a member of the Company's Board of Directors, a "Qualified Person" under NI 43-101, has reviewed the technical contents of this news release and has approved the disclosure of the technical information contained herein.
1The company has not completed any quality assurance program or applied quality control measures to the historical data.
Bolt Metals Corp.
Branden Haynes - Director and CEO
(604) 817-1595
info@boltmetals.com
Reader Advisory
This news release may contain statements which constitute "forward?looking information". The words "may", "potential", "should", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect", and similar expressions, are intended to identify such forward?looking statements. Investors are cautioned that any such forward?looking statements are not guarantees of future business activities and involve risks and uncertainties, and that the Company's future business activities may differ materially from those in the forward?looking statements. There can be no assurances that such information will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. The Company does not assume any obligation to update any forward-looking information except as required under the applicable securities laws.
The Canadian Securities Exchange has not approved or disapproved this news release.
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