Huntington Completes Previously Announced Acquisition of Ontario Mining Properties
CALGARY, Alberta, Feb. 08, 2021 (GLOBE NEWSWIRE) — Huntington Exploration Inc. (TSX.V: HEI) (the “Corporation” or “Huntington”) is pleased to announce that, further to its January 15, 2021 news release, it has completed the acquisition (the “Acquisition”) of the mineral exploration properties in the Birch-Uchi region of Ontario bridging Treaty 3 and Treaty 9 Territories (the “Birch-Uchi Property”).
The purchase price for the Birch-Uchi Property was satisfied by a cash payment in the aggregate amount of $30,000 and the issuance of an aggregate of 200,000 common shares in the capital of the Corporation at a deemed price of $0.165 per share. The common shares issued in connection with the Acquisition are subject to a hold period that expires on June 6, 2021. In addition, one of the vendors has retained a 1.5% Net Smelter Return (“NSR”) royalty, payable upon the commencement of commercial production from the Birch-Uchi Property. The Corporation has the right at any time to purchase one-half of the NSR royalty from such vendor, in consideration of the payment of $500,000, thereby reducing such royalty to a 0.75% NSR royalty.ON BEHALF OF THE BOARD OF HUNTINGTON EXPLORATION
“Christopher Brown, P.Eng”
Interim President & CEO
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