Goat Industries Ltd., (the “Company or “GOAT”) is pleased to announce that it has entered into two separate asset purchase agreements to acquire certain claim blocks located in Quebec, Canada (the “Lacana-Doran Property”).
The Lacana-Doran Property consists of 1,925 hectares of land located west of Aguanish, 100 km east of Havre St. Pierre and 320 km east of Sept Iles in Quebec, Canada. The Lacana-Doran Property encompasses five Quebec-designated occurrences: Lacana-Doran; DMC-R01; MZX-TR-18; Ech L6-L10; and Ech CS06-G1, as well as three (3) designated rock samples with historic reported Lithium values, and a part of another occurrence designated as the “Area C” of the occurrence known as Riv. Nabisipi with Uranium and rare earth Bastnaesite.
The Lacana-Doran Property includes expressions of uranium, lithium and pegmatite mineral values, and provides a broad target area for detailed follow-up geochemical sampling, geophysical surveying and ultimately drilling. The incidence of Bastnaesite is encouraging in a Uraniferous environment. The Lacana-Doran Property holds potential for not only Uranium, but also for LCT Pegmatite deposits.
Aligned with the Company’s investment policy, GOAT does not intend to develop the Lacana-Doran Property—rather, the Company will look to maximize the value of the property, and the corresponding return to shareholders, by positioning them for divestiture to mining companies that may have an interest in advancing the Lacana-Doran Property.
Dr. Stewart A Jackson, P.Geo. is the Company’s independent Qualified Person under National Instrument 43-101 – Standards of Disclosure for Mineral Projects who has reviewed and approved the scientific and technical content of this news release.
Transaction Details
The Company has agreed to acquire the Lacana-Doran Claim Blocks from certain arm’s length parties pursuant to two separate asset purchase agreements dated March 8, 2023 (the “Asset Purchase Agreements”). Pursuant to the Asset Purchase Agreements, the Company will acquire a 100% interest in the Lacana-Doran Claim Block by issuing an aggregate of 80,000,000 common shares (the “Consideration Shares”) at a deemed issue price of $0.011 per share for a purchase price of approximately $880,000.
The closing of the acquisition of the Lacana-Doran Claim Block is subject to the satisfaction of customary closing conditions. The Consideration Shares will be subject to a “hold” period of four months-and-one-day from their date of issuance. The acquisition of the Lacana-Doran Claim Block will neither constitute a fundamental change, nor a change of business for the Company, nor is it expected to result in a change of control of the Company within the meaning of applicable securities laws and the policies of the Canadian Securities Exchange. No finders' fees or commissions will be payable in connection with the acquisition of the Lacana-Doran Claim Block.
Director Changes
The Company is also please to announce Mr. Mohammad Sharifi has joined the board of directors and audit committee. Mr. Sharifi has extensive experience in marketing and digital communications which has spanned across the consumer products industry. Mr. Sharifi has also held various senior marketing roles at several companies, including Telus Telecommunication where he was responsible for the growth and marketing of their business.
Mr. Sharifi will serve as an independent director and replaces Ms. Natasha Raey, who has resigned effective immediately. The Company expresses its gratitude to Ms. Raey for her contributions of the Company and wishes her well with her future endeavors.