Bolt Metals Acquires 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 its press releases on September 19, 2024 and October 3, 2024, it has closed the previously announced transaction which provides for the acquisition by the Company by 1436060 B.C. Ltd. ("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.
Under the terms of the Definitive Agreement, the Company issued 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 also made a cash payment of CAD$20,000 to 143 BC. The Transaction is arm's length and there are no finder's fees payable in connection therewith. The Consideration Shares issued pursuant to the Transaction are subject to a 6-month voluntary lock-up period, whereby the recipients of the Consideration Shares are 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 would also like correct the press release Dated October 3, 2024, wherein the Company stated, due to clerical error, that the definitive agreement relating to the Transaction (the "Definitive Agreement") was executed on September 30, 2024. The Definitive Agreement was executed on October 2, 2024.
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.
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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