Canadian Silver Hunter acquires 100% of Lost Dog Property south of Timmins

Canadian Silver Hunter Inc. has fulfilled the terms of its option agreement and has earned a 100% ownership interest in the Lost Dog property in Denton Township, Northern Ontario. The company made a cash payment of $40,000 and issued 500,000 common shares in the capital of the company to Timothy Towers, a director of the company to satisfy the remaining conditions of the Option Agreement.

The Optionor shall retain a 2% net smelter royalty ("NSR").

The Common Shares issued will be subject to a hold period of four months plus a day from the date of closing, pursuant to applicable securities laws.

The Optionor is a director of the Company and accordingly the share issuance constituted a "related party transaction" as defined in Multilateral Instrument 61-101 - Protection of Minority Securityholders in Special Transactions ("MI 61-101"). The related party transaction is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 based on the fact that the fair market value of the Common Shares to be issued pursuant to the Option Agreement does not exceed 25% of the Company's market capitalization.

The Company can now proceed with the completion of the sale of the Lost Dog property. The Company entered into a purchase and sale agreement (the "Agreement") with 15083974 Canada Inc. ("CAN") dated August 15th, 2023. The Agreement was announced on August 22, 2023 and was subject to the Company exercising its option to acquire the Property pursuant to the Option Agreement. 

About Canadian Silver Hunter Inc. 

Canadian Silver Hunter Inc. is a Canadian mineral exploration company focused on gold, silver, cobalt, nickel, and copper exploration in Ontario and Quebec. For further details about the Company's projects please visit the company website at www.canadiansilverhunter.ca.

Tags: Northern Ontario / Deals & Financial / Silver / All Articles