The Kali Project consists of 193 mining claims covering approximately 10,127 hectares, located in the James Bay lowlands area of Quebec
Harfang Exploration Inc. (“Harfang”) (TSX-V: HAR) is pleased to announce the sale (the “Transaction”) of 100% of its right, title and interest in and to the Kali project (the “Kali Project”) to QcX Gold Corp. (“QcX Gold”). The Kali Project consists of 193 mining claims covering approximately 10,127 hectares, located in the James Bay lowlands area of Quebec.
As a project generator, Harfang is pleased to have entered into an agreement with QcX Gold in respect of the sale of the Kali Project. The completion of the Transaction will allow Harfang’s technical team to fully focus on our flagship Serpent gold project and continue advancing its exploration” said François Goulet, President and Chief Executive Officer of Harfang.
The Transaction is being carried out pursuant to the terms of an arm’s-length mining claim acquisition agreement (the “Agreement”) dated September 6, 2020, between Harfang and QcX Gold. In order to complete the Transaction and in accordance with the terms of the Agreement, QcX Gold will issue to Harfang an aggregate of 1,750,000 common shares, and grant in favour of Harfang a 2.5% net smelter returns royalty, with no buyback option, in respect of the Kali Project.
The Transaction remains subject to receipt of all necessary regulatory and other approvals, including the approval of the TSX Venture Exchange.
Source: Company Press Release