Cartier Signs Definitive Agreements with SOQUEM and Owns 100% of the Fenton Property
VAL-D’OR, Quebec, April 13, 2021 (GLOBE NEWSWIRE) -- Following its press release of February 23, 2021, Cartier Resources Inc. (TSX-V: ECR) (“Cartier” or the
“Company”) announces the execution of a definitive agreements with SOQUEM Inc. (“SOQUEM”) in connection with the acquisition by Cartier of all the rights and
interests of SOQUEM (i.e. 50%) in a group of 14 mining claims located 50 km southwest of Chapais in consideration for a purchase price of $700,000 payable as follows: (a) an amount of $300,000 in
cash and (b) the issuance of 1,261,431 common shares of Cartier.
In addition, SOQUEM transferred to Cartier all of its rights and interests in a group of five (5) contiguous claims, which allows Cartier to hold 100% of an expanded property consisting of 18 mining claims (the “Fenton Property”). Cartier granted SOQUEM a 1% net smelter return (NSR) royalty on the Fenton Property, which can be bought back at any time by Cartier for an amount of $1,000,000 (the “Fenton Royalty”). Cartier has a right of first refusal with respect to any future disposition to a third party by SOQUEM of the Fenton Royalty, subject to certain exceptions. In addition, as part of this transaction, Cartier has agreed to transfer to SOQUEM all of its rights and interests in a group of 39 claims comprising the Cadillac Extension Property. SOQUEM granted Cartier a 1% NSR royalty on the Cadillac Extension Property, which may be bought back at any time by SOQUEM for a consideration of $1,000,000 (the “Cadillac Extension Royalty”). SOQUEM has a right of first refusal with respect to any future disposition to a third party by Cartier of the Cadillac Extension Royalty, subject to certain exceptions.
The closing of the transaction will be subject to various conditions, including the receipt by Cartier of the final approval from the TSX Venture Exchange.
Highlights of the Fenton Property:
- The Fenton Property hosts the Fenton gold deposit (FIGURE).
- This mineralization has all the typical characteristics sought by Cartier, as at the Chimo Mine and Benoist Projects that could rapidly outline high-tonnage
- The Fenton Property, which is easily accessible via forestry road, is located near the mills of the Langlois and Bachelor mines and the future mill of Osisko
Mining’s Windfall Project.
SOQUEM, a subsidiary of Investissement Québec, is dedicated to promoting the exploration, discovery and development of mining properties in Quebec. SOQUEM also contributes to maintaining strong local economies. A proud partner and ambassador for the development of Quebec’s mineral wealth, SOQUEM relies on innovation, research and strategic minerals to be well-positioned for the future.
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