- 1844 Resources Inc. (TSXV:EFF) has agreed to sell its Lac Arsenault Project to Canada Gold Resources
- The purchase will total C$600,000
- The company said the sale of the project will enable it to focus on its existing copper projects
- Shares of 1844 Resources have remained at $0.035 since Dec. 5 at 9:30 a.m. EST
1844 Resources (TSXV:EFF) has agreed to sell its Lac Arsenault Project to Canada Gold Resources.
The project, which is situated along the Grand Pabos Faults, is known to have high-grade gold, silver and copper and has five known major vein systems on the property.
The company said it is selling the project so that it can focus on its existing copper projects.
According to a press release, the purchase price of the project will total C$600,000 and will be payable in installments:
- The first $100,00 in cash will be paid to 1844 on the closing date
- Shares of the treasury Canada Gold Resources will be valued at $500,000 and will be provided to 1844 on the closing date of the public offering
- 1844 will be entitled to a 1 per cent NSR while Canada Gold Resources will have the right to repurchase the NSR for $500,000.
1844 Resources also said it will look to seek out other projects in the province of Quebec.
Headquartered in Saskatchewan, 1844 Resources is an exploration company focused on strategic and energetic metals in the Gaspe region of Quebec.
Shares of 1844 Resources have remained at $0.035 since Dec. 5 at 9:30 a.m. EST.