ArcWest Exploration Inc. Completes Sale of Willoughby Property to Strikepoint Gold Inc.
Vancouver, April 17, 2019 - ArcWest Exploration Inc. (TSXV: AWX) ("ArcWest") is pleased to announce that, further to its press releases dated January 16th, 2019 and March 20, 2019, StrikePoint Gold Inc. (TSXV: SKP) (OTCQB: STKXF) ("Strikepoint") has completed its acquisition of 100% of ArcWest's Willoughby Property (the "Property"). The Property is situated about 30 kilometers east of Stewart, British Columbia in the province's famed Golden Triangle. Under the terms of transaction set out in the definitive agreement:
- Strikepoint has acquired 100% of the Property;
- Strikepoint has made a cash payment to ArcWest of CAD$85,000;
- Strikepoint has issued 3,000,000 common shares to ArcWest; and
- ArcWest will retain a 1.5% net smelter return royalty, which can be reduced by Strikepoint to 1% for an additional cash payment of $1,000,000.
ArcWest President & CEO Tyler Ruks commented: "The Willoughby transaction will provide ArcWest with a significant share position in Strikepoint and a royalty on the Willoughby project. This will provide ArcWest shareholders with exposure not only to exploration upside at Willoughby, but to Strikepoint's entire project portfolio, which includes exciting high grade precious metals properties in BC's Golden Triangle, and throughout the Yukon. The Strikepoint team has a track record of discovery, wealth creation for shareholders, and significant prior exploration experience with Willoughby. We are confident that the Strikepoint team will make exciting discoveries that will benefit ArcWest shareholders."
For further information please contact: Tyler Ruks, President and CEO at +1 (604) 638 369
Neither the 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 accuracy or adequacy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/44139