Seahawk Ventures Inc. to Acquire German Shepherd and Mystery Properties and Undertake Financing
VANCOUVER, BC, Canada (June 12, 2017) – Seahawk Ventures Inc. (CSE: SHV) (“Seahawk") is pleased to announce that it has entered into an agreement (the “Property Purchase Agreement”) with RSD Capital Corp. and Michel A. Lavoie (the “Vendors”) to acquire a 100% undivided interest in the German Shepherd and Mystery properties (the “Properties”) comprising sixty-six mineral claims covering approximately 3,900 hectares in the Urban-Barry Greenstone Belt region within the Abitibi sub-province, Quebec, Canada.
The Property Purchase Agreement
The Property Purchase Agreement provides that Seahawk will acquire a 100% interest in the Properties in consideration for payment to the Vendors of an aggregate of $50,000.00, and issuing total of 1,000,000 common shares ofSeahawk.
The Vendors will retain a 2% net smelter return royalty on the Properties (the “Royalty Interest”). Under the terms of the Property Purchase Agreement, Seahawk may elect to purchase one-half of the Royalty Interest from the Vendors for a payment of $500,000, thereby leaving the Vendors with the remaining onepercent.
Completion of the transactions contemplated by the Property Purchase Agreement is subject to receipt and filing by Seahawk of an NI 43-101 technical report respecting the Properties and to necessary stock exchange approvals by the parties. It is anticipated that the closing will take place on or before August 1, 2017. The technical report will include, among other things, an updated work program with respect to theProperties.
The Company further announces that it is undertaking a financing to raise gross proceeds of up to $600,000.00 thru a non-brokered private placement of its common shares at a price of $0.30 per common share. The proceeds of the offering will be used to fund the acquisition of the Properties, the work program to be recommended in the Technical Report, and for general working capitalpurposes.
ON BEHALF OF THE BOARD
President and CEO
For further information, please contact:
Giovanni Gasbarro (604) 939-1848
Neither the Canadian Stock Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Stock Exchange) accepts responsibility for the adequacy or accuracy of this release.
CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS: This presentation contains forward-looking statements or forward-looking information (forward-looking statements). These statements can be identified by expressions of belief, expectation or intention, as well as those statements that are not historical fact. Forward-looking statements involve a number of risks, uncertainties and assumptions that could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements. Forward-looking statements contained in this press release are based on our current estimates, expectations and projections, which the company believes are reasonable as of the current date. Actual results could differ materially from those anticipated or implied in the forward-looking statements and as a result undue reliance should not be placed on forward-looking information.