VANCOUVER, BC, April 25, 2022 /CNW/ - Garibaldi Resources (TSXV: GGI) (the "Company" or "Garibaldi") is pleased to announce that it has entered into a mineral property purchase agreement (the "Agreement") with G. Prior (the "Vendor"), whereby the Company agreed to acquire a 100% interest in one mineral tenure (the "Property"), located in the Omineca Mining Division in the Province of British Columbia comprising approximately 214.1217 hectares. As consideration for the Property, the Company has agreed to pay: (i) a cash payment of $1,561.81 (the "Cash Payment") and (ii) the issuance of 25,000 common shares (the "Shares") of the Company, on the terms and conditions as set forth in the Agreement. All shares are subject to a four month hold period, and the agreement is subject to the approval of the TSX Venture Exchange.
The one additional mineral tenure is contiguous to Garibaldi's Red Lion project, a highly prospective Cu-Au porphyry project in north-central B.C. Garibaldi plans to complete geochemical and geophysical surveys this field season to advance the property to drill readiness. Please see more details about the project at Red Lion | Garibaldi Resources Corp.
Furthermore, Garibaldi has granted to consultants of the company a total of 100,000 incentive stock options exercisable for up to five years at a price of $1.00 per share pursuant to its stock option plan. The stock option is subject to vesting provisions and released quarterly. The stock option grant is subject to regulatory hold periods and approval of the TSX Venture Exchange.
Garibaldi Resources Corp. is an active Canadian-based junior exploration company focused on creating shareholder value through discoveries and strategic development of its assets in some of the most prolific mining regions in British Columbia and Mexico.
We seek safe harbor.
GARIBALDI RESOURCES CORP.
Per: "Steve Regoci"
Steve Regoci, President
Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or the accuracy of this release
SOURCE Garibaldi Resources Corp.
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