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Provides Update on Hemlo Properties and Corporate Activities
Publié le 13 décembre 2016
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Re: Company News - Tuesday, December 13, 2016
Canadian Orebodies Provides Update on Hemlo Properties and
Corporate Activities
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TORONTO, December 13, 2016 --- Canadian Orebodies Inc. (the "Company"
or "Orebodies") is pleased to provide a comprehensive update on the
Company's activities.
Hemlo North Limb Property
Through numerous acquisitions and staking programs, Orebodies has
assembled a large, contiguous land package, which covers the northern
extension of the Hemlo greenstone belt, (the "North Limb Property").
The North Limb Property is located 45 kilometres northeast of the town
of Marathon, Ontario and 17 kilometres northeast of the Williams Mine
operated by Barrick Gold Corporation at their Hemlo property. With this
newly formed North Limb Property, Orebodies has consolidated, for the
first time, this historically fragmented ground into one large land
package totalling 428 claim units and covering over 6,800 hectares.
Orebodies recently completed an airborne VTEM geophysical survey over
the entire North Limb Property, for which the Company is awaiting final
data for review and evaluation of prospective targets. Several
prospecting programs were also undertaken during the fall on the North
Limb Property, and this data is currently being compiled and will be
used in conjunction with the airborne data to generate additional drill
targets.
Hemlo Wire Lake Property
As previously announced on October 12, 2016, Orebodies entered into an
option agreement to acquire a 100% interest in 251 claim units covering
approximately 4,047 hectares that are located in the Hemlo greenstone
belt (the "Wire Lake Property"). Through staking, Orebodies added an
additional 39 claim units, bringing the entire property to over 4,600
hectares. The Wire Lake Property lies 29 kilometres to the northwest of
the Williams Mine and 40 kilometres to the southwest of the past
producing base metal mines near Manitouwadge.
Orebodies recently completed an airborne Mag/VLF geophysical survey
over the Wire Lake Property, and the Company is awaiting the final
data. Results from the survey will be combined with those from the fall
prospecting program to generate drill targets within and outside of the
areas of known gold mineralization.
Re-listing of Canadian Orebodies Shares
Orebodies has submitted documentation to a Canadian stock exchange to
re-list the Company's shares for trading. The Company anticipates the
shares will commence trading in Q1 2017. The listing date and stock
ticker will be announced once the Company receives approval.
Extension and Variation to Crescent Lake Agreement
Further to the Company's press release March 4, 2016, it has entered
into a Variation and Extension Agreement ("Extension Agreement") with
Sunrise Canada Inc., a subsidiary of Argonaut Resources NL
("Argonaut"), an ASX listed company.
The principal terms of the Extension Agreement are:
1. Orebodies grants Argonaut an extension to the assessment period
under the original agreement, which extends the final $200,000 cash
payment due date from November 30, 2016, until February 28, 2017.
2. For Orebodies granting such extension, Argonaut will:
i. Make a cash payment to Orebodies of $50,000 within 2 days of signing
the Extension Agreement;
ii. Issue to Orebodies the value of AUD$70,000 in shares of Argonaut as
bonus payment, calculated on the 2 week volume weighted average price;
and
iii. Make a final payment of $150,000 in cash on or before February 28,
2017.
Share Consolidation
The Company is proceeding with a consolidation of its outstanding
common shares on the basis of one post-consolidation common share for
every four pre-consolidation commons shares held. The consolidation was
approved at the annual and special meeting of shareholders held on
August 3, 2016.
The Company currently has an aggregate of 182,232,623 common shares
issued and outstanding. After giving effect to the share consolidation,
the Company will have a total of approximately 45,558,156 common shares
outstanding.
A letter of transmittal will be sent by mail to shareholders advising
that the share consolidation has taken effect and instructing
shareholders to surrender the certificates evidencing their common
shares for replacement certificates representing the number of common
shares to which they are entitled as a result of the consolidation.
Until surrendered, each certificate will be deemed for all purposes to
represent the number of common shares to which the holder thereof is
entitled as a result of the consolidation.
Fractional post-consolidation common shares will not be issued to
shareholders. Where the consolidation would otherwise result in a
shareholder being entitled to a fractional common share, the number of
post-consolidation common shares issued to such shareholder shall be
rounded up to the next whole number of common shares. In calculating
such fractional interests, all pre-consolidation common shares
registered in the name of, or beneficially held by, the respective
holder or its nominee shall be totalled.
About Canadian Orebodies Inc.
Canadian Orebodies is a Canadian-based mineral exploration company with
a portfolio of properties in Ontario and Nunavut. For more information
please contact:
For more information please visit www.canadianorebodies.com or contact:
Gordon McKinnon, President & CEO
Canadian Orebodies Inc.
(416) 644-1747
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