Resolve Ventures Inc. Announces Property Option Agreement
VANCOUVER, March 30, 2021 - Resolve Ventures Inc. ("Resolve" or the "Company") (TSXV:RSV) is pleased to announce that it has entered into an Option Agreement (the "Agreement") with Island Time Exploration Ltd, Calderan Ventures Ltd., and Raymond Wladichuk (collectively the "Vendors") to earn a 100% ownership interest in the combined 10,050.4 Ha contiguous Gravity Property and the Jack White Property (collectively the "Gravity Jack Property") located in New Westminster Mining Division, near Boston Bar British Columbia, Canada.
Under the terms of the Agreement, Resolve may acquire a 100% ownership interest in the Gravity Jack Property by issuing to the Vendors an aggregate of one million six hundred thousand (1,600,000) common shares in the capital of Resolve within 5 business days of TSX Venture approval ("TSXV") of the Agreement, completing $200,000 in exploration expenditures on the Gravity Jack Property by August 21, 2021, and, incurring an aggregate of $2,250,000 in additional exploration expenditures and issuing an aggregate of 2,500,000 common shares to the Vendors over a period of four years from the date of the Agreement.
Upon completing the above noted commitments, all of which may be accelerated at the Company's discretion, Resolve will have earned a 100% interest in the Gravity Jack Property, at which time the Vendors will transfer title of the Gravity Jack Property to Resolve. Island Time Exploration Ltd. and Raymond Wladichuk will each retain a 2% net smelter return royalty ("NSR") (4% total) on all future metal production which the Company may, at its sole option, purchase 1% from either of the Vendors for $1,000,000 each.
The Agreement is subject to completing a satisfactory 60-day due diligence review, a National Instrument 43-101 report on the Gravity Jack Property, and the necessary approvals from the TSXV. Any securities issued in connection with the transaction will be subject to applicable statutory hold periods for a period of four months from the date of issuance.
About the Gravity Jack Property
Gravity Jack Property is located in the New Westminster Mining Division, and is approximately 13km northeast of Boston Bar, British Columbia, Canada. The property surface area totals 10,050.4 hectares (Ha). The property is prospective for Scandium, Copper, Gold, Silver, and Tungsten. Historically, minimal work has been done on the property with the exception of high-grade mineral occurrences reported in the 1960's.
About the Company
Resolve is a Vancouver based publicly listed exploration company trading on the TSXV. The Company is led by a highly skilled management and technical team with numerous previous successes in the junior mining sector.
For further information on the Company, visit www.resolveventures.com or call (604) 644-6794.
Mr. R. Tim Henneberry, P.Geo., a member of the Company's Advisory Board and registered in the Provinces of British Columbia is the "Qualified Person" under National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") and is responsible for the technical contents of this news release and has approved the disclosure of the technical information contained herein.
ON BEHALF OF THE BOARD OF DIRECTORS
"Clive H. Massey"
President & CEO
Office (604) 341-6870
Neither the TSX Venture Exchange nor their 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.
The TSX Venture Exchange has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.
Information set forth in this news release contains forward-looking statements. These statements reflect management's current estimates, beliefs, intentions, and expectations; they are no guarantees of future performance. Resolve cautions that all forward-looking statements are inherently uncertain, and that actual performance may be affected by a number of material factors, many of which are beyond Resolve's control. Such factors include, among other things: risks and uncertainties relating to Resolve's ability to complete the proposed Transaction; and other risks and uncertainties, including those to be described in the Filing Statement to be filed by Resolve on SEDAR.com. Accordingly, actual, and future events, conditions and results may differ materially from the estimates, beliefs, intentions, and expectations expressed or implied in the forward-looking information. Except as required under applicable securities legislation, Resolve undertakes no obligation to publicly update or revise forward-looking information.
ANY SECURITIES REFERRED TO HEREIN WILL NOT BE REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE "1933 ACT"), AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO A U.S. PERSON IN THE ABSENCE OF SUCH REGISTRATION OR AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE 1933 ACT.
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.
SOURCE: Resolve Ventures Inc.
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