VANCOUVER, BC, July 16, 2020
/CNW/ - Vantex Resources Ltd. (the "Corporation")
(TSXV: VAX), is pleased to announce that the Corporation has
entered into an option agreement (the "Agreement"), with
respect to the acquisition by Fieldex Exploration Inc. (TSXV: FLX)
("Fieldex") of a 100% interests in the Galloway gold project (the
"Transaction") .
In order to acquire a 100% interest in the Galloway gold project, Fieldex must pay
$250,000 to Vantex upon approval of
the Agreement by the TSX Venture Exchange (the "Effective
Date"), pay an additional $750,000 to Vantex Resources in three tranches of
$250,000 each over a period of nine
months from the Effective Date, for a total of $1 million, and
issue 3,000,000 shares to Vantex Resources within ten days of the
Effective Date.
As per the Agreement, Vantex will also be entitled to be paid by
Fieldex $500,000 in cash upon the
first declaration of a minimum 500,000 ounces of gold in a
qualifying 43-101 indicated mineral resources, and an additional
$500,000 in cash upon the first
declaration of a minimum 1,000,000 ounces of gold in a qualifying
43-101 indicated mineral resources.
All payment shares issued to Vantex in accordance with the
Agreement shall be subject to a statutory hold period of 4 months.
The Transaction is subject to the approval of the TSXV.
Forward looking Statements:
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
This news release contains statements that may constitute
"forward-looking information" or "forward looking statements"
within the meaning of applicable Canadian securities legislation.
Forward-looking information and statements may include, among
others, statements regarding future plans, costs, objectives or
performance of the Corporation, or the assumptions underlying any
of the foregoing. In this news release, words such as "may",
"would", "could", "will", "likely", "believe", "expect",
"anticipate", "intend", "plan", "estimate" "target" and similar
words and the negative form thereof are used to identify
forward-looking statements. Forward-looking statements should not
be read as guarantees of future performance or results, and will
not necessarily be accurate indications of whether, or the times at
or by which, such future performance will be achieved. No assurance
can be given that any events anticipated by the forward-looking
information will transpire or occur, including additional closings
of the private placement referred to above, or if any of them do
so, what benefits the Corporation will derive. Forward-looking
statements and information are based on information available at
the time and/or management's good-faith belief with respect to
future events and are subject to known or unknown risks,
uncertainties, assumptions and other unpredictable factors, many of
which are beyond the Corporation's control. These risks,
uncertainties and assumptions include, but are not limited to,
those described under "Risk Factors" in the Corporation's
management's discussion and analysis for the interim period fiscal
year ended April 30, 2020, which is
available on SEDAR at www.sedar.com; they could cause actual events
or results to differ materially from those projected in any
forward-looking statements. The Corporation does not intend, nor
does the Corporation undertake any obligation, to update or revise
any forward-looking information or statements contained in this
news release to reflect subsequent information, events or
circumstances or otherwise, except if required by applicable
laws.
SOURCE Vantex Resources Ltd.
