Umdoni Exploration Inc. Announces Letter Agreement to Acquire Mineral Properties in Idaho, USA
401 - 750 West Pender Street Vancouver, BC, V6C 2T7
UMDONI EXPLORATION INC. ANNOUNCES LETTER AGREEMENT TO ACQUIRE MINERAL PROPERTIES IN IDAHO, USA
Vancouver, British Columbia, January 18, 2024 – Umdoni Exploration Inc. (CSE: UDI) (the “Company” or “Umdoni”) entered into a binding letter agreement (‘Letter Agreement”) to acquire all shares of 1273180 B.C. Ltd. from the shareholders of 1273180 B.C. Ltd. in exchange for 7,000,000 common shares of the Company and a cash payment of $230,000 to be paid within 180 days of the closing of the transaction. Upon closing of the transaction, 1273180 B.C. Ltd. will become a wholly owned subsidiary of the Company. The closing of the transaction is subject to the completion of satisfactory confirmatory due diligence by the Company as it relates to the reps and warranties contained in the Letter Agreement, entering into certain definitive transaction agreements and acceptance by the Canadian Securities Exchange.
1273180 B.C. Ltd. through its wholly owned limited liability company organized under the laws of Montana, owns mineral exploration properties in Idaho State known as the Heath, Selway and Great Western Properties (the “Property or Properties”). The Properties consist of 90 (Heath), 57 (Selway) and 38 (Great Western) lode mining claims respectively and cover a cumulative area of approximately 3822.1 acres. The Company plans to explore the properties for precious and base metals.
On behalf of the Board of Directors,
UMDONI EXPLORATION INC.
“Jesse Hahn”
Director and CEO
For more information, please contact the Company: 604-428-7050
About Umdoni Exploration Inc.
The company is in the business of mineral exploration. The company is focused on the exploration of its 100-per-cent-owned Chlore property, located near Smithers, B.C. The property hosts a calcalkalic porphyry copper-molybdenum target. In 2021, the company's work plan was focused on obtaining an understanding of the alteration and mineralization on the property. The work program included helicopter-borne magnetic and radiometric surveys over the whole property area. The 2023 phase of exploration on the property comprises geological mapping and soil and rock-chip sampling.
Forward Looking Statements
When used in this news release, the words "estimate", "project", "belief", "anticipate", "intend", "expect", "plan", "predict", "may" or "should" and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements and information. Although the Company believes, in light of the experience of their respective officers and directors, current conditions and expected future developments and other factors that have been considered appropriate, that the expectations reflected in the forward-looking statements and information in this news release are reasonable, undue reliance should not be placed on them because the parties can give no assurance that such statements will prove to be correct. The forward-looking statements and information in this news release include, amongst others, the Company's ability to complete the transaction on the terms described in the news release. There are risks and uncertainties that may cause actual results to differ materially from those contemplated in those forward-looking statements and information.
By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements or implied by such forward-looking statements. There are a number of important factors that could cause the Company's actual results to differ materially from those indicated or implied by forward-looking statements and information. Such factors include, among others: Company’s ability to raise capital, limited business history of the parties; risks related to mineral titles; disruptions or changes in the credit or security markets; results of operation activities and development of projects; project cost overruns or unanticipated costs and expenses; and general development, market and industry conditions.
The Company undertakes no obligation to comment on analyses, expectations or statements made by third parties in respect of its securities or its financial or operating results (as applicable). The Company cautions that the foregoing list of material factors is not exhaustive. When relying on the Company's forward-looking statements and information to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. The Company has assumed that the material factors referred to in the previous paragraph will not cause such forward-looking statements and information to differ materially from actual results or events. However, the list of these factors is not exhaustive and is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors.
The forward-looking information contained in this news release represents the expectations of the Company as of the date of this news release and, accordingly, are subject to change after such date. The Company does not undertake to update this information at any particular time except as required in accordance with applicable laws.
The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this news release.