Bald Eagle to sell Hot Springs stake for $1.27M (U.S.)

Oct 5, 2021

2021-10-04 12:36 ET – News Release

Mr. Raymond Harari reports

BALD EAGLE ANNOUNCES ASSIGNMENT OF INTEREST IN HOT SPRINGS JOINT VENTURE FOR USD$1.27 MILLION

Bald Eagle Gold Corp., through its wholly owned subsidiary Frontera Gold Nevada Inc., has entered into a purchase agreement with Osgood Mountains Gold LLC and Huizenga Exploration Group LLC (HEG) to assign to HEG its 50-per-cent joint venture interest with respect to certain unpatented mineral claims and leases in Nevada forming the Hot Springs property. Pursuant to the terms of the purchase agreement, HEG has agreed to pay the company $1.27-million (U.S.) in cash. The transaction is at arm’s length.

The transaction represents a reviewable disposition as defined in Policy 5.3 — Acquisitions and Dispositions of Non-Cash Assets of the TSX Venture Exchange. As such, under the policies of the TSX-V, completion of the transaction is subject to approval by the TSX-V.

Completion of the transaction is subject to, among other things, obtaining necessary approvals and consents including approval of the shareholders of the company. The company will obtain shareholder approval by written consent resolution.

Bald Eagle’s management, board of directors and advisers believe the transaction advances the interest of shareholders in several ways:

The transaction provides $1.27-million (U.S.) of non-dilutive financing to position the company for exploration and development activities at the recently acquired and 100-per-cent-owned Hercules silver project in Idaho (reference press release dated Aug. 10, 2021).
The company recovers all joint venture expenses incurred and payments and advances made to Osgood of $1.27-million (U.S.).
The transaction allows the company to focus on 100-per-cent-owned-and-operated properties such as the recently acquired Hercules project.
The company believes the market provides a premium for wholly owned and operated mineral assets in comparison with non-majority-owned and non-wholly operated interests in joint ventures.

Raymond Harari, president and director, commented: “The company has recently attracted outstanding directors and advisers, each of whom has considerable mineral development and capital markets experience. With their input, we have determined that shareholder value will be maximized through operating wholly owned precious metals projects balanced with respect to risk and expected return. Therefore, we recently announced the acquisition of the wholly owned Hercules project in Idaho. This subsequent sale of our interest in the Hot Springs joint venture provides the company with non-dilutive financing of $1.27-million (U.S.) which can be directed to the wholly owned Hercules project, in which we have a high level of confidence, as well as further expanding our portfolio of prospective assets.”

About Bald Eagle Gold Corp.

Bald Eagle Gold is a junior mining company focused on the exploration and development of advanced exploration assets in known precious metal districts in the Americas. The company’s objective is to acquire advanced exploration projects for exploration and development. The company intends to, through evaluating historical data and utilizing modern exploration techniques and geological concepts, enhance resources. The management team and board of directors of the company have an established record of creating significant returns for investors and have demonstrated access to capital to advance the development of assets.

We seek Safe Harbor.

https://www.baldeaglegold.com/