Record Resources Completes Acquisition of Grenfell Gold Property

March 12, 2024, Record Resources Inc. (TSXV: REC) reports that it has received approval from the TSX Venture Exchange to acquire an option agreement on the Grenfell gold property in exchange for shares.

As previously disclosed in a September 11, 2022 company news release, a non-arms-length transaction with Pelangio Exploration Inc is pursuant to a conveyance agreement executed on August 23, 2022.

The transaction was considered a related party transaction as defined under MI 61-101 as a result of certain officers and directors of Record Resources Inc. and Record Gold Corp. being party to the agreement. The parties include: Michael C. Judson, CEO, director and shareholder; David Johnson, Corporate Secretary, director and shareholder; and Dr. Paul Craig, director and shareholder.

Record Gold Corp, the private company, has agreed to exchange its option agreement with Pelangio Exploration Inc. (PX.V) in return for 39,999,984 million shares of Record Resources Inc. at a price of $0.05 per share. Following the transaction, Record Resources Inc. will have 75,414,382 issued and outstanding shares. 

The Grenfell gold property is comprised of 38 mining cells and eight leased claims covering an area of approximately 6.7 square kilometres and is located 10 kilometres northwest of Agnico Eagle’s Macassa Mine in Kirkland Lake Ontario. Grenfell is also located 5 kilometres west of Record’s Kenogami East property (see August 10, 2022 news release)

For detailed option agreement terms with Pelangio, please see February 23, 2023 company news release.

In other news, the company reports closing a second tranche of its private placement of shares (announced in December 19, 2023 news release). The company has issued 493,000 common shares at a price of $0.035 per share, and 493,000 common share warrants exercisable at $0.06 per share for two years. The second tranche of this private placement raised $33,500 in proceeds. The proceeds from the financing are for exploration and working capital. A $1,225 cash commission was paid along with the issuance of 35,000 broker warrants in connection with the financing. 

The company reports that, following this acquisition and financing, it will have 75,414,382 shares outstanding. This financing is subject to TSX Venture Exchange, regulatory and board approvals.

Qualified Person:
Edward Procyshyn, P.Geo, a qualified person in accordance with National Instrument 43-101, has reviewed and approved the technical information contained in this news release.