ArcWest Exploration Inc. Signs Definitive Agreement to Sell Willoughby Property to Strikepoint Gold Inc.
TSX VENTURE: SKP
Vancouver, British Columbia--(Newsfile Corp. - March 20, 2019) - ArcWest Exploration Inc. (TSXV: AWX) ("ArcWest") is pleased to announce that, further to its press release dated January 16th, 2019, it has signed a Definitive Agreement dated March 14th, 2019, with Strikepoint Gold Inc. (TSXV: SKP) (OTCQB: STKXF) ("Strikepoint") with respect to the acquisition by Strikepoint of 100% of ArcWest's Willoughby Property (the "Property"). The Property is situated about 30 kilometers east of Stewart, British Columbia in the province's famed Golden Triangle. The terms of transaction set out in the Definitive Agreement include:
- Strikepoint will acquire 100% of the Property;
- Strikepoint will make a cash payment to ArcWest of CAD$85,000;
- Strikepoint will issue 3,000,000 common shares to ArcWest;
- ArcWest will retain a 1.5% net smelter return royalty, which can be reduced by Strikepoint to 1% for an additional cash payment of $1,000,000.
ArcWest President & CEO Tyler Ruks commented: "The Willoughby transaction will provide ArcWest with a significant share position in Strikepoint and a royalty on the Willoughby project. This will provide ArcWest shareholders with exposure not only to exploration upside at Willoughby, but to Strikepoint's entire project portfolio, which includes exciting high grade precious metals properties in BC's Golden Triangle, and throughout the Yukon. The Strikepoint team has a track record of discovery, wealth creation for shareholders, and significant prior exploration experience with Willoughby. We are confident that the Strikepoint team will make exciting discoveries that will benefit ArcWest shareholders."
The Proposed Transaction is subject to receipt of all necessary regulatory approvals including approval of the TSX Venture Exchange.
For further information please contact: Tyler Ruks, President and CEO at +1 (604) 638 3695Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the accuracy or adequacy of this release.