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Toronto, Ontario--(Newsfile Corp. - December 3, 2024) - Canuc Resources Corporation (TSXV: CDA) (OTCQB: CNUCF) ("Canuc" or the "Company") is pleased to announce that it has signed a letter of intent ("LOI") with Macdonald Mines Exploration Inc. (TSXV: BMK) ("Macdonald Mines"), whereby Canuc will acquire all issued and outstanding shares of Macdonald Mines.
Under the terms of the LOI, Canuc Resources Corporation will issue 72,000,000 common shares of Canuc to the shareholders of Macdonald Mines as consideration for the acquisition. The LOI is in place until April 30, 2025. The transaction represents a significant step forward in Canuc's strategy to expand its portfolio of exploration assets with potential for iron-oxide-copper-gold ("IOCG") and affiliated critical and precious metal deposits, and to consolidate high quality exploration prospects in leading North American extractive jurisdictions.
The proposed acquisition is subject to the approval of shareholders from both companies and the requisite regulatory authorities, including the TSX Venture Exchange, and the satisfactory completion of due diligence by Canuc. Upon securing these approvals, Canuc and Macdonald Mines will proceed to finalize and execute a definitive agreement, further solidifying this strategic transaction.
Commenting on the announcement, Christopher Berlet, CEO of Canuc Resources Corporation, stated:
"This proposed acquisition aligns with Canuc's growth strategy and underscores our commitment to delivering long-term value for our shareholders by consolidating high quality advanced exploration assets in premier jurisdictions. We look forward to collaborating with the team at Macdonald Mines and progressing towards completion of this milestone transaction."
Further details about the transaction will be provided as the process advances.
About MacDonald Mines Exploration Ltd.
Founded in 1935, MacDonald Mines Exploration Ltd. is a mineral exploration company focused on the evaluation, acquisition, and development of precious and critical metals properties in Ontario. The company's flagship project, the 100% owned SPJ Project, spans 19,710 hectares and is situated approximately 40 kilometers northeast of the prolific Sudbury Mining Camp. and near to the extensive infrastructure of the adjacent Sudbury Mining District.
The SPJ Project encompasses several centers of critical and precious metal mineralization interpreted to be related to a mineral system that can form IOCG and affiliated critical and precious mineral deposits. Included within the Project is the historical Scadding Gold Mine and associated gold mineralized system and gold bearing tailings. Minerals of interest on SPJ include copper (Cu), gold (Au), cobalt (co), nickel (Ni) and rare earth elements (REE). MacDonald Mines Exploration Ltd. is committed to responsible and sustainable operations, prioritizing environmental stewardship, safety, and community engagement.