TORONTO, Feb. 26, 2024 (GLOBE NEWSWIRE) — Canadian GoldCamps Corp. (“Canadian GoldCamps“, or the “Company“) (CSE:CAMP) (FSE: A68) is pleased to announce that it has entered into a non-binding letter of intent dated February 13, 2024 (the “LOI”) with F3 Uranium Corp. (“F3”) whereby the Company will enter into a definitive option agreement with F3’s wholly-owned subsidiary F4 Uranium Corp. (“F4”) to earn up to a 70% interest in F4’s Murphy Lake Property (the “Property”) in the Athabasca Basin, Saskatchewan. The Property is located in the north-eastern corner of the Athabasca Basin, 30 km north-west of Orano’s McLean Lake deposits, 5 km south of ISOEnergy’s Hurricane Uranium Deposit and covers approximately 6.1 square kilometers of land.
To earn an initial 50% in and to the Property, the Company must make the following cash payments, share issuances and property expenditures:
$100,000 within 7 calendar days of signing the LOI;
$200,000 upon entering into of a definitive agreement;
$150,000 on or before the six-month anniversary of the definitive agreement;
$150,000 on or before the 12-month anniversary of the definitive agreement;
$150,000 on or before the 18-month anniversary of the definitive agreement;
$150,000 on or before the 24-month anniversary of the definitive agreement;
following the next equity financing completed by the Company for gross proceeds of not less than $6 million, the Company will issue 9.9% of its then issued and outstanding common shares to F4;
$5M on or before the 1-year anniversary of signing the definitive agreement; and
$5M on or before the 2-year anniversary of signing the definitive agreement.
Leave a Reply