Beaufield Resources Inc. (“Beaufield”) is pleased to announce the closing of the acquisition of a 100% interest in the 299 hectare Windfall East project (the “Property”) from Alto Ventures Ltd. (“Alto”) (TSX VENTURE:ATV) (acquisition announced by news release on May 24th, 2017). The property, strategically located, is adjacent to Osisko Mining’s Windfall deposit and on trend from Osisko’s new Lynx discovery in Urban-Barry Township, Quebec. Property location is shown on the adjoining map.
At Closing, Beaufield paid $300,000 in cash and issued 2,750,000 Beaufield’s shares subject to a four month hold period. Alto retains a 1% Net Smelter Return Royalty (“NSR”) on the property with a buyback provision for 0.5% of the NSR by Beaufield for $1 million. Beaufield also assumed and agreed to be bound by an underlying agreement in connection to an additional 2% NSR held by a third party on the Property.
Concurrently with this acquisition, Beaufield subscribed for 2,916,667 shares of Alto for proceeds of $350,000 (the “Private Placement Shares”). This represents approximately 6.8% of the outstanding shares of Alto. The Private Placement Shares are subject to a four month hold period.
This news release has been prepared by Ronald Stewart, P.Geo., Interim President and CEO of Beaufield and Mathieu Stephens, P.Geo., Vice President of Exploration and Corporate Development for Beaufield, the Qualified Person, as defined by National Instrument 43-101.
Beaufield is a mineral exploration company with its exploration activity focused in Quebec and Ontario. Please refer to Beaufield’s website to view the company’s properties in Urban-Windfall, Eleonore-Opinaca, Troilus and Hemlo. The Corporation is actively exploring, well financed with approximately $7.5 million in working capital, has no debt and has excess work credits on its properties.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) has reviewed or accepts responsibility for the adequacy or accuracy of this Release.