CALGARY, AB / ACCESSWIRE / October 3, 2019 / CANEX Metals Inc. (TSXV:CANX) ("CANEX" or the "Company") holds 5.85 million shares of Spruce Ridge Resources (TSX-V SHL) (Spruce Ridge) and congratulates Spruce Ridge on their recently announced binding Letter of Intent to sell their interest in the Crawford nickel-cobalt property.
As stated in their news release dated October 1, 2019, as part of the transaction, Spruce Ridge will receive $1 million cash along with 10 million shares (equating to a 20% interest) of Canada Nickel Company, a new well financed company that is being set up to explore and advance the Crawford property. Net compensation in cash and shares to Spruce Ridge has been valued at approximately $3.5 million. Once the transaction is complete, CANEX will be issued a portion of the 5 million shares in Canada Nickel Company that Spruce Ridge will distribute to its shareholders as part of the agreement.
Dr. Shane Ebert, President of the Company stated, "This proposed transaction will put Spruce Ridge in a strong financial position and allow Spruce Ridge and its shareholders to participate in future upside of the Crawford property as significant equity owners. We wish Spruce Ridge and Canada Nickel Company success in their ongoing and future exploration work".
"Shane Ebert"
Shane Ebert,
President/Director
Neither the 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.
Except for the historical and present factual information contained herein, the matters set forth in this news release, including words such as "expects", "projects", "plans", "anticipates" and similar expressions, are forward-looking information that represents management of CANEX Metals Inc. internal projections, expectations or beliefs concerning, among other things, future operating results and various components thereof or the economic performance of CANEX. The projections, estimates and beliefs contained in such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause CANEX's actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. These risks and uncertainties include, among other things, those described in CANEX's filings with the Canadian securities authorities. Accordingly, holders of CANEX shares and potential investors are cautioned that events or circumstances could cause results to differ materially from those predicted. CANEX disclaims any responsibility to update these forward-looking statements.
SOURCE: CANEX Metals Inc.