Seahawk Ventures Inc. (CSE:SHV) (“Seahawk”) announces that it has entered into a property purchase agreement with Mitchell E. Lavery to acquire the Blitz Property, comprised of 67 claims covering 6,624 hectares in Quebec’s Urban-Barry Greenstone Belt (the “Agreement”). With this latest acquisition, Seahawk’s holdings in the Urban-Barry Greenstone Belt have grown to 25,225 hectares.
“In the Urban-Barry Area, only Osisko’s land package is significantly larger than Seahawk’s. With the acquisition of the Blitzclaims, Seahawk continues to grow its holdings in Urban-Barry with a view to increasing future returns to its shareholders,” commented John Gasbarro, President and CEO of Seahawk.
The Blitz property is located in the Urban-Barry Greenstone Belt, approximately 30 kilometres north of Lebel-Sur-Quevillon and 150 km north-east of Val-d’Or in the Abitibi region of Quebec, and is accessible by existing roads. The Blitz Property is comprised of two blocks of claims- the eastern block is adjacent to Oskisko’s property, and the western block is adjacent to the Grevet mine owned by Nyrstar.
Under the terms of the Agreement, Seahawk will pay Mr. Lavery $8,000 in cash and issue 1,650,000 shares for 100% interest in Blitz Property, subject to a 2.5% net smelter return royalty. Seahawk will have the right of first refusal on the royalty in whole or in part. Mr. Lavery is a director of Seahawk, and declared his interest and abstained from voting in respect of the approval of the agreement. The value of the consideration paid to Mr. Lavery is less than 25% of the market capitalization of Seahawk, and as a result, the transactions contemplated by the Agreement are exempt from the minority approval and valuation requirements of Multilateral Instrument 61-101.
For more information please contact:
Seahawk Ventures Inc.
John Gasbarro,
President, CEO at 1-604-939-1848
Mitchell E. Lavery P.Geo.,
Vice-President Exploration, Corporate Development, Director at 1-613-298-1596
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