VANCOUVER, BRITISH COLUMBIA–(Marketwired – June 1, 2017) – Accend Capital Corporation (the “Company“) (TSX VENTURE:ADP.H) is pleased to announce that it has entered into an agreement (the “Option Agreement“) pursuant to which it has been granted an option to acquire approximately 2,400 additional hectares surrounding the Silverside Cobalt Property from Caamo Capital Corp. and Gino Chitaroni (collectively, the “Vendors“).
On May 29, 2017 the Company announced that it would acquire (the “Transaction“) approximately 384 hectares in Lundy Township, approximately 30 kilometers Northwest of Cobalt, Ontario known as the Silverside Cobalt Property (the “Property“), on which historic exploration dates back to the early 1900’s. Following a review of recent exploration work on the Property, the Company has decided to option a number of additional claims surrounding the Property in a total package of approximately 2,400 additional hectares.
Pursuant to the Option Agreement, the Company has the right to acquire the additional claims at any time for a period of ninety days following approval of the acquisition of the Property by the TSX Venture Exchange (the “Exchange“). Total consideration for the additional claims consists of cash payments totaling $175,000 and 250,000 common shares in the Company. In consideration for the granting of this option, the Company will pay a one-time non-refundable deposit of $25,000 to the Vendors and will issue 50,000 common shares upon the approval of the acquisition of the Property by the Exchange, both these amounts will be deducted from the consideration payable under the Option Agreement should the option be exercised by the Company.
Simon Clarke, a director of the Company stated, “the acquisition of the Silverside Cobalt Property and the additional acreage available pursuant to the Option Agreement, provides a strong entry into the cobalt sector at a time when cobalt is evolving into a key electric metal for lithium ion and other batteries. The significant growth projected in these industries is anticipated to drive increasing demand for cobalt. There is also a need to reduce dependence on traditional areas of cobalt supply where concerns around conflict mining and ethical production persist; our strategy is to focus on building a quality asset base which can help address these concerns.”
At the present time, the Company does not consider the additional acreage provided in the Option Agreement to be material to the Transaction or the Property. The Company does not intend to prepare a technical report in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects for this additional acreage in connection with the Transaction. Readers are reminded that completion of the Transaction, and the further transactions contemplated by the Option Agreement, remains subject to a number of conditions including completion of satisfactory due diligence, completion of any necessary financing; completion of a technical report in respect of the Property, approval of the Exchange and such other conditions as are customary in transactions of this nature. For further information concerning the Transaction, Readers are encouraged to review the Company’s news release of May 29, 2017 and the filing statement which will be prepared by the Company in connection with the Transaction and made available under the Company’s profile on SEDAR.
This news release has been reviewed by Adrian Smith, P.Geo., a Qualified Person as that term is defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects.
On behalf of the Board, Accend Capital Corporation
Andy Edelmeier, Chief Executive Officer
Completion of the Transaction is subject to a number of conditions, including but not limited to, Exchange acceptance. The Transaction cannot close until the required approvals are obtained, and the outstanding conditions satisfied. There can be no assurance that the Transaction will be completed as proposed or at all.
Investors are cautioned that, except as disclosed in the filing statement to be prepared in connection with the Transaction, any information released or received with respect to the Transaction may not be accurate or complete and should not be relied upon. Trading in the securities of the Company should be considered highly speculative.
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. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may contain certain “Forward-Looking Statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When used in this news release, the words “anticipate”, “believe”, “estimate”, “expect”, “target, “plan”, “forecast”, “may”, “schedule” and other similar words or expressions identify forward-looking statements or information. These forward-looking statements or information may relate to future prices of commodities, accuracy of mineral or resource exploration activity, reserves or resources, regulatory or government requirements or approvals, the reliability of third party information, continued access to mineral properties or infrastructure, fluctuations in the market for cobalt and certain precious metals, changes in exploration costs and government regulation in Canada and the Province of Ontario, and other factors or information. Such statements represent the Company’s current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affections such statements and information other than as required by applicable laws, rules and regulations.
604.897.8149
andy.edelmeier@gmail.com
Simon Clarke
604.551.9665
simonclarke@telus.net