VANCOUVER, British Columbia, Feb. 12, 2018 (GLOBE NEWSWIRE) -- Cameo Resources Corp. (TSX.V:CRU) (OTC:SIDNF) (the “Company”) is pleased to announce that the Company has received TSX Venture Exchange approval for its option agreement with Clean Commodities Corp. to earn an 80% interest in the WRL Project (formerly called the “Whabouchi Regional Lithium Project”) in northern Quebec over a four-year period, subject to certain terms and conditions (see news releases dated November 30, 2017, December 18, 2017 and January 3, 2018). Under the terms of the option agreement, now that TSX Venture Exchange approval has been received, the Company has issued 500,000 common shares to Clean Commodities Corp.
The Company also announced that it has filed an updated NI 43-101 Technical Report (the “Technical Report”) for the WRL Project. The Technical Report was prepared in accordance with the requirements of National Instrument 43-101 Standards of Disclosure for Mineral Projects. Darren Smith, P.Geol., a Qualified Person by the standards of National Instrument 43-101, authored the Technical Report. He is independent of both the Company and Clean Commodities Corp. A copy of the Technical Report is available under the Company’s profile at www.SEDAR.com, as well as on the Company’s website. The Technical Report supports the disclosure respecting the WRL Project made by the Company in its news releases dated November 30, 2017, December 18, 2017 and January 3, 2018, and there are no material differences between that disclosure and the Technical Report.
Qualified Person
The technical information in the Technical Report and this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 and was reviewed and approved by Darren Smith, a Qualified Person and independent of Cameo Resources Corp.
Financing
The Company also announced that it intends to conduct a non-brokered private placement to raise gross proceeds of up to $500,000 (the “Financing”) by way of issuance of up to 666,667 units (“Units”) at a price of $0.75 per Unit. Each Unit will consist of one common share and one common share purchase warrant, each warrant exercisable for an additional common share at a price of $1.00 for five years. Net proceeds from the Financing will be used to advance the Company’s exploration projects in Canada and for general working capital purposes. Securities issued under the Financing will be subject to a four month hold period pursuant to applicable securities laws of Canada.
The Company may pay cash finder’s fees on subscriptions under the Financing equal to 7% of the gross proceeds raised.
About Cameo Resources Corp.
Cameo Resources Corp. is focused on enhancing shareholder value through astute acquisitioning of exceptional projects in perceived undervalued situations. The Company is continuing to seek out viable opportunities.
On behalf of the board of directors,
CAMEO RESOURCES CORP.
“Akash Patel”
Akash Patel
President
For further information, please contact
Akash Patel
President
604-446-6440
Email: akashp006@gmail.com
www.cameoresources.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.