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Braveheart Resources and Cadillac Ventures Enter Share Purchase for Thierry Mine Project

Dec 21, 2020

Braveheart Resources Inc. and Cadillac Ventures Inc. have amended the definitive share purchase agreement with respect to the previously announced purchase by Braveheart of a 100% interest in the Thierry Mine Project near Pickle Lake, from Cadillac. The Thierry Project is a past-producing copper and nickel mine located approximately 15 km west of Pickle Lake, Ontario and accessible on a year-round basis by paved and all-weather roads.

The Definitive Agreement for Braveheart to purchase all the shares of Cadillac Ventures Holdings Inc., Cadillac's wholly-owned subsidiary which owns the Thierry Project, is being amended to provide that the amount of the purchase price shall be an aggregate of (1) $275,000 cash to Cadillac on the closing date, which represents an unchanged $300,000 net of the $25,000 advanced; (2) Braveheart will issue 11,000,000 Braveheart common shares (reduced from 13,500,000 shares) to Cadillac on the closing date; (3) Braveheart will issue up to an additional 2,500,000 Braveheart common shares following delivery of the pending Updated Rehabilitation Plan to the Ministry of Energy, Northern Development and Mines of Ontario ("MENDM") for Thierry, with the number of potential Braveheart shares to be reduced from 2,500,000 based on 50% of the amount of additional financial assurance that needs to be posted with MENDM, above the $400,000 as reflected in such plan and using the closing price of the BHT Shares on the date of the Updated Rehabilitation Plan, and Cadillac shall also reimburse Braveheart in cash to the extent that the additional financial assurance exceeds the value of the 2,500,000 Braveheart common shares; and (3) the 2% NSR Royalty grant is unchanged. 

The property is approximately 4,700 hectares in size and contains a NI 43-101 mineral resource. There is a municipal airport, nearby rail system and provincial power grid within eight km of the mine. The underground infrastructure includes a three-compartment shaft, production decline to 520 metres below surface and lateral developments on three levels. The underground workings are currently flooded.

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