Probe Metals Announces Sale of West Porcupine Property in Ontario
TSX VENTURE: PRB
TORONTO, Dec. 11, 2017 (GLOBE NEWSWIRE) -- Probe Metals Inc. (TSX-V:PRB) (OTCQB:PROBF) (“Probe” or the “Company”) is pleased to announce that it has signed a purchase and sale agreement with GFG Resources Inc. (TSX-V:GFG) (“GFG”) for the sale of the West Porcupine property (the “Property”) located in Ontario, Canada. Probe has sold 100% interest in the Property to GFG in exchange for the issuance of 6,477,883 common shares of GFG, representing a value of $3.5 million based on GFG’s 20-day volume weighted average price.
"We have been successful in finding value in one of our non-core properties, while continuing to advance the exploration and development of the Company's flagship Val-d’Or East Project in Quebec,” stated David Palmer, President and Chief Executive Officer of Probe. “We are pleased with this transaction, which allows us to maintain exposure to a prospective land package as well as in GFG’s other properties."
The transaction is subject to receipt of all necessary approvals, including the approval of the TSX Venture Exchange. All common shares of GFG received in connection with the sale will be subject to a hold period of four months and one day from the date of issuance.
About Probe Metals:
Probe Metals Inc. is a leading Canadian gold exploration company focused on the acquisition, exploration and development of highly prospective gold properties. The Company is well-funded and controls a strategic land package of over 1,000-square-kilometres of exploration ground within some of the most prolific gold belts in Ontario and Quebec: Val d’Or, West Timmins, Casa-Berardi and Detour Quebec. The Company is committed to discovering and developing high-quality gold projects, including its key asset the Val-d’Or East Gold Project. The Company was formed as a result of the sale of Probe Mines Limited to Goldcorp on March 13, 2015. Goldcorp currently owns a 13.8% stake in the Company.