Completes Initial Payment On Cobalt Claim
MIRAMICHI, NB, March 28, 2018 /CNW/ - SLAM Exploration Ltd. (TSXV: SXL) ("SLAM" or the "Company") is pleased to announce that is has retained Mackie Research Capital Corp. ("Mackie") of Toronto, Ontario to provide market-making services. The market-making services will be undertaken by Mackie in compliance with, and subject to, the policies, guidelines and approval of the TSX Venture Exchange.
Mackie will trade common shares of SLAM on the TSX Venture Exchange for the purposes of providing market stability and liquidity of the Company's common shares. In consideration for these services, SLAM has agreed to pay Mackie $3,500 per month, paid quarterly in advance. The contract will continue in effect unless terminated by either party within written notice of 60 days. The Company and Mackie act at arm's length, but Mackie may provide investment banking services to SLAM, and Mackie and/or its clients may have an interest, directly or indirectly, in the securities of the Company. The agreement is solely for the purposes of maintaining market stability and liquidity for the Company's common shares and is not a formal market making agreement.
There are no market oriented performance factors contained in the agreement between Mackie and the Company. Mackie will be compensated only on a fee for service basis and will not receive any shares or options from the Company as compensation for the liquidity services it will provide.
The Company also announces that it has closed the acquisition of one mineral claim comprising 24 units adjacent to SLAM's Portage claim. The claim was acquired to cover a cobalt geochemical anomaly 2 km east of SLAM's Portage zinc-lead-copper-silver occurrence (please refer to our news releases of January 30, 2018 and March 20, 2018). Upon receipt of conditional approval from the TSX-V, an initial payment of $5,000 cash plus 100,000 common shares of the Company was made to the Vendor of the mineral claim. In addition, the Company is required to pay $85,000 and issue an additional 300,000 common shares over a three year period to earn a 100% interest in the mineral claim. The common shares issued are subject to a four month and one day hold period.
About Mackie Research Capital Corporation
Mackie Research is one of Canada's largest independent full service investment firms, and proudly traces its roots back to 1921. Mackie Research is privately owned by many of its 300 employees. As a fully integrated national investment dealer, Mackie Research offers a full complement of capital markets and wealth management services to private clients, institutions and growth companies.
About SLAM Exploration Ltd:
SLAM is a project-generating resource company holding an NSR royalty on the Superjack, Nash Creek and Coulee zinc‐lead‐copper‐silver properties and owning a portfolio of base metal and cobalt properties in the Bathurst Mining Camp ("BMC") of New Brunswick. The Company continues to utilize its extensive BMC mineral database to explore and develop properties in this historic region of mineral potential. Other projects include the Menneval gold project and the Reserve Creek and Miminiska gold projects in Ontario. Additional information about SLAM and its projects is available at www.slamexploration.com or from SEDAR filings at www.sedar.com. Follow us on twitter @SLAMGold.
Certain information in this press release may constitute forward-looking information, including statements that address the Private Placement, the closing of the Private Placement, future production, reserve potential, exploration and development activities and events or developments that the Company expects. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements. The Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward looking-statements unless and until required by securities laws applicable to the Company. There are a number of risk factors that could cause future results to differ materially from those described herein. Information identifying risks and uncertainties is contained in the Company's filings with the Canadian securities regulators, which filings are available at www.sedar.com. Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
SOURCE SLAM Exploration Ltd.