THUNDER BAY – MINING – Bold Ventures Inc. (BOL: TSX.V) (the “Company” or “Bold”) reports that KWG Resources Inc. (KWG) and Fancamp Exploration Ltd. (Fancamp) have jointly announced an acquisition agreement whereby KWG will acquire the Fancamp interests in the Koper Lake Project located in the Ring of Fire region of Northern Ontario.
Among other terms, KWG will issue to Fancamp a secured convertible promissory note in the principal amount of C$34.5 million. Full terms of the acquisition agreement may be viewed here.
Pursuant to the terms of Bold’s Joint Venture Agreement with Fancamp, Bold holds a Right of First Refusal on any proposed acquisition of the Fancamp Koper Lake interests. Bold holds a 10% carried interest in chromite and a 40% working interest in all other metals found within the claims. Bold Co-Venturer, a wholly owned subsidiary of Dundee Corporation, has earned a one-third interest in Bold’s Ring of Fire assets. The Company is reviewing the acquisition.
See complete details on the Koper Lake Project here.
The Company explores for Precious, Battery and Critical Metals in Canada. Bold is exploring properties located in active gold camps within the Thunder Bay and Wawa regions of Ontario. Bold also holds significant assets located within and around the emerging multi-metals district dubbed the Ring of Fire region, located in the James Bay Lowlands of Northern Ontario.
As a result of the current COVID-19 virus concerns, the Company’s management and contractors are following public guidelines and taking recommended steps to protect the health and safety of all personnel while carrying out operations. As a result of the COVID-19 pandemic giving rise to local and national anti-virus measures, the scheduling of activities is subject to change. COVID-19 impacts may affect timing and availability of goods and services for the foreseeable future.