LECRF - Leocor Gold Announces Strategic Investment in Intrepid Metals
(TheNewswire)
VANCOUVER, British Columbia – TheNewswire - December 19, 2023 — Leocor Gold Inc. (CSE:LECR) (OTC:LECRF) (“ Leocor ” or the“ Company ”) announces that it has reached an agreement to complete astrategic investment (the “ Investment ”) in Intrepid Metals Corp. (TSXV:INTR) (“ Intrepid ”). It is contemplated that the Company will subscribefor 8,823,549 units (each, a “ Unit ”) of Intrepid in a non-brokered privateplacement currently being completed by Intrepid.
Each Unit will consist of one post-Consolidation commonshare of Intrepid and one common share purchase warrant (each a“ Warrant ”) at a price of $0.34 (post-Consolidation) per Unit for anaggregate investment of $3,000,000. Each Warrant will entitle theCompany to acquire one additional common share at a price of $0.40(post-Consolidation) for a period of twenty-four (24) months fromclosing of the Offering. Prior to the closing of the Offering,Intrepid will complete a consolidation of its common share capital onthe basis of one post-consolidation common share for every twopre-consolidation common shares (the “ Consolidation ”).
Intrepid has agreed that no less than $2,800,000 fromthe Investment will be utilized by Intrepid for the exploration anddevelopment of the Corral Copper Project, located in Cochise Country,Arizona, USA. Arizona is home to approximately 70% of the entire USdomestic cooper production (Source: US Geological Survey 2023 AnnualPublication).
In connection with completion of the Investment, theCompany will receive the right to nominate two members of the board ofdirectors of Intrepid. The directors are expected to be appointedupon closing of the Investment.
Leocor considers partnering with Intrepid and investingspecifically to move the Corral Copper Project forward as a strongstrategic initiative. The Company feels it will assist in anchoringa strong valuation in the coming years. The Company is considering adistribution plan regarding the Intrepid shares once the statutoryhold period expires.
Corral Copper has had over 50,000m of historicaldrilling completed throughout the district, with near surfacemineralization of copper, silver, zinc and gold present. Historicalsmall-scale mining from the late 1800’s and early 1900’s yieldedgrades up to 9.2% copper. Corral boasts a 3 km trend of shallowmineralization and remains open in all directions within a larger landpackage ~9600 acres (15 square miles). H istorical drilling data includes an abundance of significantdrill intercepts throughout the property. In addition, severaln ew drill targets have been identified usingmodern geophysics surveys. Details areavailable on the Intrepid Metals website. *
Completion of the investment in Intrepid remainssubject to customary closing conditions, including required approvalsfrom the TSX Venture Exchange and the Canadian Securities Exchange, aswell as completion of the Consolidation and the finalization ofclosing documentation.
* Intrepid Metals, CompanyPresentation, November 2023
About Leocor Gold Inc.
Leocor Gold Inc. is a British Columbia-based resourcecompany involved in the acquisition and exploration of precious metalprojects, with a current focus in Atlantic Canada. Leocor, throughoutright ownership and earn-in agreements, currently controls severalgold-copper projects in prime exploration ground located within theprolific Baie Verte Mining District. Leocor’s Bae Verte portfolioincludes the Dorset, Dorset Extension, Copper Creek and Five MileBrook projects, creating a contiguous nearly 2,000-hectare explorationcorridor. The Company also controls three district scale land packagesin North Central Newfoundland, known as Robert’s Arm, Hodge’sHill, and Leamington, (collectively “Western Exploits”)representing over 144,000 hectares (1,440 square kilometers) ofprospective exploration.
Contact Information
Leocor Gold Inc.
Alex Klenman, Chief Executive Officer
Email: aklenman@leocorgold.com
Telephone: (604) 970-4330
Neither the CanadianSecurities Exchange nor its Regulation Services Provider (as that termis defined in the policies of the Canadian Securities Exchange)accepts responsibility for the adequacy or accuracy of thisrelease .
Cautionary Statements RegardingForward-Looking Information
This press release containsforward-looking information within the meaning of Canadian securitieslaws. Such information includes, without limitation, informationregarding the expected completion of the Investment and the intendeduse of the proceeds by Intrepid. Although Leocor believes that suchinformation is reasonable, it can give no assurance that suchexpectations will prove to be correct.
Forward looking information istypically identified by words such as: “believe”, “expect”,“anticipate”, “intend”, “estimate”, “postulate” andsimilar expressions, or are those, which, by their nature, refer tofuture events. Leocor cautions investors that any forward-lookinginformation provided by Leocor is not a guarantee of future results orperformance, and that actual results may differ materially from thosein forward looking information as a result of various factors,including, but not limited to: the results of preliminary explorationwork; the state of the financial markets for Leocor's securities; thestate of the natural resources sector; recent market volatility;circumstances related to COVID-19; Leocor's ability to raise thenecessary capital or to be fully able to implement its businessstrategies; and other risks and factors that Leocor is unaware of atthis time. The reader is referred to Leocor's initial public offeringprospectus for a more complete discussion of applicable risk factorsand their potential effects, copies of which may be accessed throughLeocor’s issuer page on SEDAR at www.sedar.com.
The forward-looking statementscontained in this press release are made as of the date of this pressrelease. Leocor disclaims any intention or obligation to update orrevise any forward-lookingstatements, whether because of new information, future events orotherwise, except as required by law.
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