(TheNewswire)
Vancouver, B.C. – TheNewswire - December 21, 2020 - CrestResources Inc. (“Crest” or the “Company”) (CSE:CRES) (CNSX:CRES.CN) (OTC:CRSTF) announces that, further to its news release of December 8, 2020, theCompany has acquired a total of 1,333,333 common shares (6.4%) of theissued and outstanding share capital of Ecomine Technologies Corp.(“Ecomine”), a private mining technology company, from each ofMichael Collins and Aeternum Asset Advisors Inc. (“AAA”), forconsideration of 2,898,550 common shares of the Company at a deemedprice of $0.115 per share (the “Crest Shares”). The Crest Sharesare subject to a statutory four month hold period expiring April 19,2021.
Michael Collins, the President, CEO and a Director of the Companyreceived 942,028 Crest Shares. Following thistransaction Michael Collins holds 5,092,028 common shares or 7.80% ofthe Company’s issued and outstanding shares .
AAA exchanged 900,000 shares of Ecomine for 1,956,522Crest Shares. AAA is controlled by Emma Fairhurst, a consultant to,and a major shareholder of, the Company (“Fairhurst”). Followingthis transaction Fairhurst holds, directly and indirectly, 18,706,577common shares of the Company representing 28.67% after closing of thistransaction based on 65,233,507 common shares of the Companyoutstanding; and 27,856,577 common shares or 37.45% assuming exerciseof 150,000 stock options and 9,000,000 warrants controlled byFairhurst.
Prior to the transaction the Company held 1,000,000shares of Ecomine and together with the 1,333,333 shares acquired bythe Company in this transaction now holds 11.12% of the outstandingshares of Ecomine.
About Ecomine
Ecomine has developed a technology platform thatenables it to produce novel biochemical milling reagents with highmineral-binding affinities. The reagents can be dropped into existingmineral processing circuits or utilized to recover residual value fromwaste streams, or be used in environmental remediation applications.The global reagent market is worth over $32 billion per annum. Ecominerepresents opportunity to sell reagents to existing and new operationsbut also to re-engineer stranded resource assetson a partnership basis.
Gemina Labs, an Ecomine subsidiary has applied for apatent for a lateral flow assay process that demonstrates best inclass reliability. Lateral flow assays are used for human pathogentesting and enzyme tests such as the “Clearblue” home pregnancytest. Gemina Labs is currently raising funds privately at a $12million valuation.
Company President and CEO Michael Collins comments,“We believe Ecomine has a unique technology that has the potentialto improve efficiency of existing operations as well as new projects. The Gemina Labs is in early stages but demonstrates great potentialfor commercialization and developing value for Crest shareholders. These are the types of technologies that we look to bring to ourshareholders.
Urbangold Minerals Inc - Richard Copper Claims
The Company has also entered into an agreement topurchase 100% interest in four claims known as the Richard Copperproject, subject to an existing 1% net smelter return royalty, locatedin Quebec from Urbangold Minerals Inc. (TSXV: UGM) (“Urbangold”)in consideration for 50,000 common shares of Crest, which shares aresubject to a statutory four month hold period from the date ofissue.
The Richard Copper project is located 35 km north ofRouyn Noranda, and consists of four claims bisected by the LynhurstFault and Deformation zone. The host rock is a bhrecciated /porphyritic rhyolite andholds potential VMS base metal , (copper andgold) mineralization. Historical work has been conducted on the Richard Copper project from 1947 to 1992 , whichwill be compiled and digistised prior to the2021 field season .
Red Metal Ridge
The Company also announces it has dropped its option onthe Red Metal Ridge property located on Vancouver Island BritishColumbia. The Company will retain its 51% interest in the propertyunless the optionor elects to exercise its right to repurchase suchinterest for $5,000.
About Crest Resources Inc.
Crest Resources Inc. is a British Columbia companylisted on the Canadian Securities Exchange under the symbol CRES. TheCompany’s principal business activity is the acquisition,exploration and evaluation of mineral property assets in Canada,Australia and Peru and the investment in mineral exploration companiesand related mining technologies of merit. The Company’s Canadianmineral property assets include various land and corporate ownershippositions within the Exploits Subzone, the newest emergingdistrict-scale gold exploration and mining district in the province ofNewfoundland and Labrador.
FOR FURTHER INFORMATIONCONTACT:
Michael Collins
President and CEO
Crest Resources Inc.
Telephone: 604-681-3170
Neither the Canadian SecuritiesExchange nor its Regulation Service Provider (as the term is definedin the policies of the Canadian Securities Exchange) acceptsresponsibility for the adequacy of accuracy of this newsrelease.
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