Toronto, Ontario–(Newsfile Corp. – November 21, 2023) – American Eagle Gold Corp. (TSXV: AE) (OTCQB: AMEGF) (“American Eagle” or the “Company”) is pleased to announce that it has closed the investment made by both Teck Resources Limited (“Teck”) and well-known British Columbia geologist C.J. “Charlie” Greig, (view News Release). With this investment, Teck maintains its 19.9% stake in American Eagle following American Eagle’s recent exercise of its option to repurchase a 20% interest in its NAK copper-gold porphyry project from Orecap Invest Corp (view News Release).
The Company issued 3,187,790 common shares (the “Shares”) at a price of C$0.215 per share for gross proceeds of approximately $685,375 (the “Offering”).
About Charlie Greig
Charlie Greig is a seasoned geologist with over forty years of experience in the exploration industry, much of it focused in the Canadian Cordillera. He started in the industry as a soil sampler, but ultimately specialized as a contract geological mapper, and a geologist who planned and directed exploration, at times on properties staked personally in B.C. Charlie has worked on a variety of projects worldwide, spanning from grassroots exploration to development. He is best known for his role in the discovery of the Saddle deposits with GT Gold Corp, for which he received PDAC’s Bill Dennis Award in 2022. Over the years, Charlie also contributed to a number of projects that transitioned into production, such as La India and Alamo Dorado in Mexico (Grayd-Agnico Eagle and Corner Bay-Pan American Silver, respectively), Brucejack in B.C. (Pretium-Newcrest-Newmont), Bisha and Emba Derho in Eritrea (Nevsun and Sunridge Gold, respectively), and Wolverine in Yukon (Atna-Westmin, Yukon Zinc).
About American Eagle’s NAK Project
The NAK Project lies within the Babine copper-gold porphyry district of central B.C. It has excellent infrastructure, being accessed by a network of active all-season logging roads, nearby logging camps, and proximity to not only the vibrant town of Smithers B.C., but also a cross-Canada rail line, a major Provincial Highway (Hwy. 16), and past-producing Cu-Au mines (Bell, Granisle) with. Historical geophysical work and drilling at NAK, which began in the 1960’s, tested only to shallow depths, but revealed a very large near-surface copper-gold system that measures over 1.5 km x 1.5 km, and which has now been drilled to depths approaching 1km.
No warrants were included in the Offering, and no finders fees or commissions were paid. The Shares are subject to a statutory hold period of four months plus a day following the closing of the Offering.
Teck acquired the 2,025,000 common shares of American Eagle (“Common Shares”) for an aggregate purchase price of $435,375, or $0.215 per Common Share. Upon closing of the Offering, Teck now holds a total of 22,365,000 common shares of American Eagle, or approximately 19.9% of American Eagle’s issued and outstanding common shares on a non-diluted basis.
Pursuant to a prior agreement between American Eagle and Teck and for so long as Teck’s ownership in American Eagle remains greater than 5.0% of American Eagle’s issued and outstanding common shares on a non-diluted basis, Teck holds certain investor rights, being an equity participation right to maintain its pro-rata ownership in the Company and certain information rights relating to the NAK Project.
Teck’s purchase of the Common Shares was made for investment purposes. Teck may determine to increase or decrease its investment in American Eagle depending on market conditions and any other relevant factors. This release is required to be issued under the early warning requirements of applicable securities laws. Teck’s head office is located at Suite 3300 – 550 Burrard Street, Vancouver, BC, V6C 0B3. A copy of Teck’s early warning report may be obtained from Chris Stannell at 604 699 4368.
This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or the securities laws of any state of the United States, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons (as defined in Regulation S under the U.S. Securities Act) absent registration under the U.S. Securities Act and applicable state securities laws or an exemption from such registration requirements.
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About American Eagle Gold Corp.
American Eagle is focused on exploring its NAK project in the Babine Copper-Gold Porphyry district of central British Columbia. In May and August 2023, the Company announced strategic investments by Teck Resources Limited.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the TSX Venture Exchange policies) accepts responsibility for the adequacy or accuracy of this release. Certain information in this press release may contain forward-looking statements. Forward-looking statements in this press release include but are not limited to, statements regarding whether the Company can exercise its option to acquire the Project as anticipated and whether the Company’s exploration efforts on the Project produce the results anticipated by management. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Therefore, actual results might differ materially from those suggested in forward-looking statements. American Eagle Gold Corp. assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those reflected in the forward looking-statements unless and until required by securities laws applicable to American Eagle Gold Corp. Additional information identifying risks and uncertainties is contained in filings by American Eagle Gold Corp. with Canadian securities regulators, which filings are available under American Eagle Gold Corp. profile at www.sedarplus.ca.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/188132