Beaufield Resources Inc. announced that it has entered into a purchase agreement to acquire, on an arm’s length basis, the Nova Scotia Zinc property consisting of three mineral licenses located in Nova Scotia (the “Licenses”) in consideration for a total of 300,000 common shares of the Company at a deemed price of $0.25 per share. The Company has also agreed to grant to the vendor a 2% net smelter returns royalty on all zinc, lead, silver and/or gold produced from the Licenses, subject to the Company’s right to purchase 50% of such royalty, being a 1% net smelter return, at any time for $1,000,000. The acquisition of the Licenses is subject to the acceptance of the TSX Venture Exchange.
This property was acquired to increase Beaufield’s exposure to encouraging zinc exploration opportunities.
Beaufield has approximately $8 million in working capital, no debt and a promising portfolio of gold and base metal properties all located in the provinces of Quebec and Ontario.
Neither 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 adequacy or accuracy of this release.