Champion Bear Announces Expedited Acquisition Filing Regarding Option to Reacquire its Eagle Rock Claims
Calgary, Alberta – (Newsfile Corp. – November 30, 2021) – Champion Bear Resources Ltd. (TSXV: CBA) (“Champion Bear” or the “Company”) announces that it will file an Accelerated Acquisition Application (the “Application“) with the TSX Venture Exchange (the”TSXV“) as part of the Company’s option to repurchase a 100% interest in certain mineral claims in the Kenora area of Ontario. These claims, if acquired by the Company, relate to all claims of its principal property, Eagle Rock. This option has been granted to the Company by two parties at arm’s length (collectively, the “Option or“) in November 2021 and in accordance with its terms, the Company provided the purchaser with a non-refundable payment of $ 20,000 and agreed to make additional payments totaling $ 96,000 over the next four years and to issue option or 400,000 common shares of the Company. When these conditions are met, the Company will have earned a 100% interest in such claims. The holder of the option may, in its sole discretion, make payments and issue shares on dates prior to those stated above. As part of the agreement with this option, Champion Bear will pay a 1.5% net smelter royalty in the event that the Company acquires the claims and commercial production begins. on them and in this case the Company has the right to repurchase 0.5% of this royalty for $ 1 million. The Company intends to fund the option payments through a combination of working capital and additional funds s that should be raised in the future from equity financing. the issuance of 400,000 common shares of the Company) is subject to the approval of the TSXV.
About Champion Bear
Champion Bear is a mineral exploration company focused exclusively on historically promising regions of Ontario. The Company’s primary targets are deposits of copper, platinum group metals, precious metals and polymetallic base metals. Champion Bear’s goal is to create shareholder value through the selective acquisition of properties followed by targeted exploration with an emphasis on drilling. The company has established extensive land in the Dryden and Sudbury areas totaling over 16,000 hectares. Additional information on Champion Bear is available on the Company’s website at www.championbear.com and on SEDAR at www.sedar.com.
For more information, please contact: Richard D. Kantor, President and President of Champion
Bear on the phone: (403) 850-9103
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATORY SERVICE PROVIDER (AS DEFINED IN TSX VENTURE EXCHANGE POLICIES) ACCEPTS RESPONSIBILITY FOR ADEQUACY OR ACCURACY THIS VERSION.
CAUTION REGARDING FORWARD-LOOKING INFORMATION:
This press release includes certain “forward-looking statements” under applicable Canadian securities legislation, including statements relating to the ability to earn a 100% interest in the claims subject to the option, ability and manner of financing the option payments, and the approval of the application by TSXV and the benefits to be derived from the option. Forward-looking statements are necessarily based on a number of estimates and assumptions which, while believed to be reasonable, are subject to known and unknown risks, uncertainties and other factors that may cause actual results and future events differ materially from those expressed or implied. by such forward-looking statements. All statements that deal with future plans, activities, events or developments that the Company believes, anticipates or anticipates will occur or may occur are forward-looking information, including statements regarding the potential development of resources and drilling plans that may or may not occur. The forward-looking statements and information contained in this document are based on certain factors and assumptions regarding, among others, the ability to complete actions for debt transactions, the market price of the Company’s securities, metal prices, exchange rates, taxation, estimate, timing and amount of future exploration and development, capital and operating costs, availability of financing, receipt of regulatory approvals, including the ” application approval, environmental risks, title disputes, failure of plant, equipment or processes to function as intended, accidents, labor disputes, claims and limitations of insurance coverage and other risks of the mining industry; changes in national and local regulations of mining operations, and regulations and other matters. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Therefore, readers should not place undue reliance on forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law.
This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities of Champion Bear in any jurisdiction in which such an offer, solicitation or sale would be illegal. The securities to be offered have not been and will not be registered under the United States Securities Act of 1933, as amended, or any state securities law and may not be offered or sold in the United States. United States or to or on behalf of or for the benefit of any person of the United States without registration or an applicable exemption from the registration requirements of that law or those laws.
NOT FOR DISTRIBUTION TO UNITED STATES WIRE SERVICES OR FOR DISTRIBUTION IN THE UNITED STATES.
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