VANCOUVER, BC, Dec. 15, 2020 /CNW/ - Sherpa II Holdings Corp.
(the "Company" or "Sherpa") (TSXV: SHRP.P) is pleased
to announce that the TSX Venture Exchange (the "Exchange")
has granted conditional acceptance of the Company's previously
announced Qualifying Transaction, as such term is defined under the
Exchange Policy 2.4 – Capital Pool Companies, comprised of the
acquisition of an 80% undivided interest in eight mineral claims
(the "Bakar Claims") located in northwestern
Vancouver Island, British Columbia
and a 100% undivided interest in all technical data relating to the
Bakar Claims (the "Transaction"). As consideration for the
Transaction, the Company (a) will pay $50,000 in cash, and (b) will issue 1,000,000
common shares of the Company. For additional information about the
Transaction, please see the Company's news releases dated
August 18, 2020, September 16, 2020 and September 24, 2020 and the filing statement of
the Company dated December 15, 2020
(the "Filing Statement"), which are available at
www.sedar.com.
The Company will issue a further news release announcing the
closing of the Transaction and the date on which trading in the
common shares of the Company (the "Common Shares") will
resume on the Exchange. Trading in the Common Shares will remain
halted pending completion of the Transaction and the issuance of
the final Exchange bulletin in respect of the Transaction (the
"Final Exchange Bulletin").
Following completion of the Transaction, it is anticipated that
the Company will be listed on the Exchange as a Tier 2 mining
issuer under the name "Sherpa II Holdings Corp." and under the
ticker symbol "SHRP". Closing of the Transaction remains subject to
the satisfaction of customary closing conditions. There can be no
assurance that the Transaction will be completed as proposed or at
all. Issuance of the Final Exchange Bulletin, and the resumption of
trading on the Exchange, remains subject to the completing of
customary filings required by the policies of the Exchange.
Description of the Property
The Bakar Claims consist of eight unpatented mineral claims
covering 15,686.88 hectares. The Bakar Claims are located in
northwestern Vancouver Island near the town of Holberg, British Columbia, Canada. Surface
rights and permitting have yet to be completed to allow for further
in-depth investigations. Based on the geological setting (i.e.
within the sub-aerial Karmutsen volcanic and sedimentary sequence),
and the copper-silver mineralogy assemblages and styles, the Bakar
Claims are classified as a redbed copper-silver prospect.
Additional information about the Bakar Claims may be obtained from
the technical report entitled "NI 43-101 Technical Report on the
Bakar Property, Northern Vancouver Island, British Columbia, Canada" with an effective
date of October 6, 2020 which has
been filed on Sherpa's SEDAR profile at www.sedar.com.
About the Company
Upon closing of the Transaction, Sherpa II Holdings Corp. will
be a Canadian junior mineral exploration company with an 80%
undivided interest in the Bakar Claims located in northwestern
Vancouver Island, British Columbia
and a 100% undivided interest in all technical data relating to the
Bakar Claims.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS
REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN POLICIES
OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE
ADEQUACY OR ACCURACY OF THIS RELEASE.
Completion of the Transaction is subject to a number of
conditions, including but not limited to, Exchange acceptance.
There can be no assurance that the Transaction will be completed as
proposed or at all.
Investors are cautioned that, except as disclosed in the
filing statement to be prepared in connection with the Transaction,
any information released or received with respect to the
Transaction may not be accurate or complete and should not be
relied upon. Trading in the securities of a capital pool company
should be considered highly speculative.
The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed Transaction and has
neither approved nor disapproved the contents of this news release.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This news release contains certain forward-looking statements,
including statements about the Company's future plans and
intentions. Wherever possible, words such as "may", "will",
"should", "could", "expect", "plan", "intend", "anticipate",
"believe", "estimate", "predict" or "potential" or the negative or
other variations of these words, or similar words or phrases, have
been used to identify these forward-looking statements. These
statements reflect management's current beliefs and are based on
information currently available to management as at the date
hereof.
Forward-looking statements involve significant risk,
uncertainties and assumptions. Many factors could cause actual
results, performance or achievements to differ materially from the
results discussed or implied in the forward-looking statements.
Such factors include, among other things: risks and uncertainties
relating to the Company's ability to complete the proposed
Qualifying Transaction and the resumption of trading in the Common
Shares. These factors should be considered carefully and readers
should not place undue reliance on the forward-looking statements.
Although the forward-looking statements contained in this news
release are based upon what management believes to be reasonable
assumptions, the Company cannot assure readers that actual results
will be consistent with these forward-looking statements. These
forward- looking statements are made as of the date of this news
release, and the Company assumes no obligation to update or revise
them to reflect new events or circumstances, except as required by
law.
SOURCE Sherpa II Holdings Corp.
