KIRKLAND LAKE, ON, June 21, 2019 /CNW/ - Harbour Royalty Corp. ("Harbour Royalty") announces that it has acquired 15,909,090 common shares on a "flow-through" basis ("Common Shares") of Mistango River Resources Inc. ("Mistango"), which were purchased pursuant to a non-brokered private placement from Mistango's treasury completed on June 20, 2019 (the "Private Placement"). As a result, Harbour Royalty exercises control and direction over 15,909,090 Common Shares, which represents approximately 29.27% of the issued and outstanding Common Shares (on a non-diluted basis). On June 20, 2019, the Common Shares were purchased at a price of $0.022 per Common Share, for a total purchase price of $349,999.98.
Immediately prior to the completion of the Private Placement, Harbour Royalty did not hold any securities of Mistango.
Harbour Royalty acquired the Common Shares for investment purposes. Harbour Royalty expects to monitor the business, prospects, financial condition and potential capital requirements of Mistango, and depending on its evaluation of these and other factors, Harbour Royalty may from time to time in the future increase or decrease its direct or indirect ownership, control or direction over Common Shares or other securities of Mistango through market transactions, private agreements, subscriptions from treasury or otherwise.
In addition to the Common Shares, Harbour Royalty purchased a 3% net smelter returns royalty on all of Mistango's properties, including the Omega Project for $150,000. Mistango has the right to repurchase 2% of the royalty for a price of $500,000.
Mistango's office address is 4 A1 Wende Avenue, Kirkland Lake, Ontario P2N 3JN.
SOURCE Harbour Royalty Corp.
For further information: For further information, including a copy of the corresponding report filed with Canadian securities regulators, please visit www.sedar.com or contact: Todd Morgan, President, Harbour Royalty Corp., P.O. Box 842, Kirkland Lake, Ontario, P2N 3JN