55 North Mining Inc. signs Definitive Agreement with European Cobalt Ltd. to sell its Edleston Gold Project in Timmins
July 06 2020 - 7:30AM
55 North Mining Inc. (“
55 North”
or the “
Company”) announces that it has entered
into a definitive agreement (“
Agreement”) with
European Cobalt Ltd. (“
European Cobalt”) (ASX:
EUC) pursuant to which European Cobalt Ltd. will acquire 100% of
the rights, title and interest in the Edleston Gold Project located
south of the Timmins gold camp in Ontario Canada
(“
Edleston”). See press release dated June
8, 2020 which announced the signing of a binding letter of intent
to enact this transaction.
Under the terms of the Agreement, European
Cobalt paid a non-refundable cash payment of C$100,000, and, upon
closing, will pay a cash payment of C$650,000 and issue 100,000,000
common shares of EUC at a deemed issue price of A $0.02 per share
on the Australian Securities Exchange (“ASX”) to 55 North.
All of the common shares issued by EUC will be subject to a
three-month voluntary escrow from the date of issue.
The definitive agreement is subject to
shareholder approval and a shareholder meeting is scheduled for
August 10, 2020. The 100,000,000 EUC shares received by 55 North
will be dividended out to 55 North shareholders of record as of the
date of the shareholder meeting.
“We are pleased to have entered into a
definitive agreement with European Cobalt regarding the sale of our
Edleston Gold Project, as per the binding letter of intent
announced on June 8, 2020. The sale of this asset is the latest
part of a reorganization that commenced in January 2017. The
Board believes that this sale unlocks unrecognized value in these
assets and, in the hands of European Cobalt, 55 North shareholders
will continue to benefit on the upside,” said Bruce Reid, CEO of 55
North.
About 55 North Inc.
55 North Mining Inc. was incorporated under the
Canada Business Corporations Act on December 5, 2008. The current
business of the Company is exploration and development of its
mineral properties. On June 29, 2020, 55 North announced that it
had entered into a binding letter of intent to acquire the high
grade Last Hope Gold Project located in Manitoba, Canada.
About European Cobalt Ltd.
European Cobalt Ltd. is a junior mining company
that trades on the ASX under the ticker EUC. The company is
primarily focused on the acquisition of gold projects within
Canada, including the Edleston Gold Project.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Mr. Bruce ReidChief Executive Officer, Director 55 North Mining
Inc. br@idahochamp.com
CAUTION REGARDING FORWARD-LOOKING
INFORMATION
This news release of 55 North contains
statements that constitute “forward-looking statements.” Such
forward-looking statements involve known and unknown risks,
uncertainties and other factors that may cause the Company’s actual
results, performance or achievements, or developments in the
industry to differ materially from the anticipated results,
performance or achievements expressed or implied by such
forward-looking statements.
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