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MacDonald Mines Exploration Ltd. (TSXV:BMK)(OTC PINK:MCDMF) ("MacDonald Mines" or the "Company") is pleased to announce that it has signed a non-binding letter of intent (the "LOI") with Canuc Resources Corporation ("Canuc"; TSX-V: CDA, OTCQB: CNUCF), whereby Canuc will acquire all of the issued and outstanding shares of MacDonald Mines.
The LOI
Under the terms of the LOI, Canuc will issue 72,000,000 common shares ("Canuc Shares") to the shareholders of MacDonald Mines as consideration, representing approximately $3,365,400 in aggregate value. The LOI is in place until April 30, 2025, unless earlier terminated in accordance with its terms.
Canuc is at arm's length to MacDonald Mines. Further information about Canuc can be found under its SEDAR+ profile online at www.sedarplus.com.
Completion of the proposed acquisition is conditional upon, among other things, formalization of the transaction by way of a definitive agreement, the receipt of all necessary shareholder and regulatory approvals by MacDonald Mines and Canuc (including the approval of the TSX Venture Exchange), and the satisfactory completion by Canuc of its due diligence investigations on the Company and its assets.
If completed, the Company's shares will be delisted from the trading on the TSX Venture Exchange, and the Company's shareholders will continue as shareholders of Canuc.
There can be no assurances nor guarantees that the proposed transaction will be completed as described above or at all. The Company will provide further updates as they become available.
About MacDonald Mines Exploration Ltd.
MacDonald Mines is a Canadian exploration company focused on exploring for critical and precious metals in a Metasomatic Iron alkali-calcic (MIAC) mineral system on its 100%-owned, 19,720 ha (197.2 km2) SPJ Project. MIAC systems are known for hosting IOCG and affiliated deposits. The property is located 20km southeast of the prolific Sudbury Mining Camp in Northern Ontario. The Company's primary exploration focus are the polymetallic and iron-poor to possibly iron-rich Ag-Au-Cu-Co showings and prospects along the McLaren Lake Fault System that includes the Alwyn Cu-Au-(Ag-Co) trend and the Ashigami Co-Cu-Au showings, and the iron-rich to iron-poor Glade Au trend recognized to host Au mineralization comparable to the Scadding deposit. In addition, a potential for nickel, cobalt, copper, and platinum group elements in the Nipissing intrusions that are hosting the Candore, Jerome and Glade showings within the SPJ Project.