SLAM Announces Shares for Debt Settlement
January 9, 2025 - Miramichi, New Brunswick ? SLAM Exploration Ltd. (TSXV: SXL) ("SLAM" or the "Company") proposes to issue an aggregate of 6,000,000 common shares in the capital of the Company at an agreed price of $0.05 per share to settle $300,000 in debt (the "Debt Settlement") with a creditor that is an insider of the Company.
The board of directors and management of the Company believe that the proposed Debt Settlement transaction is in the best interests of the Company insofar as it allows the Company to allocate a greater portion of its cash on hand for exploration and general working capital.
The Debt Settlement is subject to receipt of TSX Venture Exchange approval. Common shares issued pursuant to the Debt Settlement will be subject to a statutory four-month and one day hold period from the date of issuance in accordance with Canadian Securities Law and the policies of the TSX Venture Exchange.
MI 61-101 Disclosure
One Insider of the Company will be participating in the Debt Settlement and is a related party of the Company pursuant to Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). Related party involvement in the Debt Settlement constitutes a "related party transaction". The Company expects to rely on the exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 pursuant to Sections 5.5(a) and 5.7(1)(a) respectively, as neither the fair market value of the subject matter of, nor the fair market value of the consideration for, the Debt Settlement, insofar as it involves interested parties, exceeds 25 per cent of the Company's market capitalization.
Menneval Purchase Agreement - Boundary Gold Claim
Further to the Company's news release dated December 18, 2024, SLAM is pleased to also announce that the TSX Venture Exchange has approved the Purchase Agreement with Gravel Developments Inc. (the "Vendor") dated November 25, 2024, to acquire a 100% interest in one (1) mineral claim (tenure) with 129 units (the "Property") located in northwestern New Brunswick.
SLAM can earn a 100% interest in and to the Property by making the following common share (the "Shares") and Share Purchase Warrant (the "Warrants") issuances on closing:
| Due Date | Common Share and Warrant Payments * |
| On Closing | 2,000,000 Shares |
| On Closing | 1,000,000 Warrant. Each Warrant will entitle the Vendor to acquire one Share at a price of $0.05 for a period of 24 months after the closing. |
*The Share Issuances will be subject to a 4-month hold period in accordance with TSX Venture Exchange regulations.
About SLAM Exploration Ltd: SLAM Exploration Ltd. is a public resource company with a large portfolio of mineral claim holdings in the mineral-rich province of New Brunswick. The Company has reported significant copper, nickel and cobalt intercepts from the first 7 diamond drill holes completed on it's wholly owned Goodwin copper nickel project in the Bathurst Mining Camp ("BMC") of New Brunswick. These include consistent copper-nickel-cobalt intervals ranging from 46 meters to 75 meters and grading 0.75% to 1.01% copper equivalent in 5 holes drilled on the Farquharson zone. Results from two holes on the Granges zone include a 64.90 meter core interval grading 2.14% copper equivalent in hole GW24-02. Assays are pending on 3 additional holes drilled on the Granges zone and on 5 holes drilled on the Logan zone. Based on the drilling results, the Company expanded the Goodwin Project to cover 11,450 hectares.
Gold assays are pending on 117 core samples sawn from 2 holes drilled by Slam on its wholly owned Menneval gold project and submitted for fire assay to Actlabs. SLAM has previously discovered multiple gold veins on its wholly owned Menneval gold project. The Company reported gold bearing core intervals including 162.5 g/t gold over 0.2 m and 56.90 g/t gold over 0.5 m in news releases on December 13, 2021 and November 22, 2022.
In 2023, the Company reported quartz float grading up to 39.2 g/t gold on its Jake Lee project in the vicinity of the Clarence Stream gold deposit where Galway Metals Inc. is working on a 2.3 M ounce gold deposit in southern New BrunswickSLAM also owns the Mine Road copper zinc silver project adjacent to the former producing Heath Steele Mines property in the BMC. Successful diamond drill holes at Mine Road by previous workers include IL2014-003 with a 9-meter core interval grading 14.51% zinc, 5.86% lead, 0.67% copper and 139.9 g/t silver on the volcanogenic massive sulphide Railroad zone at Mine Road. (Doe Run Canadian Exploration ULC; 2015, New Brunswick Assessment Files, Report of Work 477877), The Railroad zone is 7,000 m east of the 20 million tonne former producing Heath Steele B Zone.
The Company is a project generator and received significant cash and share payments over the last 12 months as follows; 534,000 shares and 333,000 warrants (exercisable at $0.01) issued by Nine Mile Metals Inc. (NINE) on March 01, 2024 pursuant to the Wedge project agreement and $25,000 cash plus 2,500,000 shares of Lode Gold Resources Inc. (LOD) pursuant to the Ramsay gold agreement. The Company holds NSR royalties and expects additional cash and share payments on the Wedge copper zinc project and on the Ramsay gold project.
To view SLAM's corporate presentation, click SXL-Presentation. Additional information is available on SLAM's website and on SEDAR+ at www.sedarplus.ca. Follow us on X @SLAMGold.
Qualifying Statements: Mike Taylor P.Geo, President and CEO of SLAM Exploration Ltd., is a qualified person as defined by National Instrument 43-101, and has approved the contents of this news release.
Certain information in this press release may constitute forward-looking information, including statements regarding mineral resources and the Company's plans with respect to the exploration and development of its properties. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements. The Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward looking-statements unless and until required by securities laws applicable to the Company. There are a number of risk factors that could cause future results to differ materially from those described herein. Information identifying risks and uncertainties is contained in the Company's filings with the Canadian securities regulators, which filings are available at www.sedarplus.ca. Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
CONTACT INFORMATION:
Mike Taylor, President & CEO
Contact: 506-623-8960 mike@slamexploration.com
Eugene Beukman, CFO
Contact: 604-687-2038 ebeukman@pendergroup.ca SEDAR+: 00012459
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