Affinity Metals Expands Drill Program on Regal Gold and Silver Project and Enters into Shares for Services Agreements
Vancouver, British Columbia--(Newsfile Corp. - September 25, 2020) - Affinity Metals Corp. (TSXV: AFF) ("Affinity") ("the Corporation") is pleased to announce that it has expanded its 2020 drill program at its flagship Regal Project encompassing 8,800 hectares of the northern end of the prolific Kootenay Arc, approximately 25 km northeast of Revelstoke, British Columbia, Canada.
Along with geological mapping and associated geochemical sampling, the original 2020 drill program included up to 2,000 meters of diamond drilling. The original program has been expanded with the present amount drilled now exceeding 3,000 meters. A total of 15 holes have been completed to date in 2020 and drilling is ongoing.
Shares for Services - Online Marketing
Further to its news release of September 17, 2019, in which the Company disclosed a shares for services agreement it had entered into with Agoracom dated September 13, 2019, the Company advises that to date it has issued to Agoracom 96,000 common shares having a hold period expiring on January 16, 2020. Under the terms of the agreement, the Company is required to issue an additional 297,295 common shares to Agoracom, which it proposes to do upon receipt of TSXV approval. When issued, the 297,295 shares will have a hold period expiring 4 months and one day after their date of issuance in accordance with applicable securities laws and the policies of the TSXV. Subject to approval of the TSXV, the Company intends to issue common shares to Agoracom for the services provided. The number of shares issuable and the share price will be determined at the market price of the Company's common shares at the time the quarterly payments were due, in compliance with the policies of the TSXV.
Under the initial 2019 agreement, services would have been terminated September 15, 2020 however on September 11, 2020, Agoracom provided an amended agreement for services that now extends the original agreement to January 15, 2021. No new shares will be issued as a result of the extension.
Shares for Services - Business Advisory Services
The Company is also pleased to announce that it has entered into a shares for services agreement with Herbert Strauss for providing financial and strategic business planning and international market advice. Mr. Strauss has an extensive background in the German speaking European market specific to arranging corporate partnerships, international expansion and providing recommendations related to market reach and industry contacts.
The agreement was effective on September 1, 2020 and will continue until July 31, 2021. In consideration of the services provided, the Company has agreed to pay Mr. Strauss the following fees:
- A cash payment of $3,900 upon signing of the agreement and;
- 240,00 common shares of the Company due in quarterly installments of 60,000 common shares at the end of each three month period starting on the effective date of the agreement.
When issued, the 240,000 shares will have a hold period expiring 4 months and one day after their date of issuance in accordance with applicable securities laws and the policies of the TSXV. The number of shares issuable and the share price will be determined at the market price of the Company's common shares at the time the quarterly payments are due, in compliance with the policies of the TSXV. The agreement has been approved by the TSXV.
About Affinity Metals
Affinity is focused on the acquisition, exploration and development of strategic metal deposits within North America. Affinity is following a hybrid approach of combining the advancement of strategic assets along with following a Project Generator model.
Affinity presently holds two properties in British Columbia as well as five properties located near Timmins, Ontario.
On behalf of the Board of Directors
Robert Edwards, CEO and Director of Affinity Metals Corp.
The Corporation can be contacted at: info@affinity-metals.com
Information relating to the Corporation is available at: www.affinity-metals.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/64628