CANADA ONE EXTENDS LETTER OF INTENT TO INCLUDE ADDITIONAL FACILITY AND PROVIDES UPDATE ON STRATEGIC REVIEW
As previously announced, the board of directors of Canada One Mining Corp. is in the process of completing a strategic review of the company’s existing portfolio of assets as well as evaluating potential new transactions in the blockchain and cryptocurrency sector.
In connection with the evaluation of new transactions, the company has extended the term of the letter of intent previously entered into with a privately held company developing blockchain-based transaction verification systems. The extended term will allow for management of the company to finalize due diligence and to make a recommendation to the board of directors. As a result of due diligence investigations completed to date, the company has also expanded the scope of the letter of intent to include a second potential facility in North America suitable for transaction verification in the blockchain and cryptocurrency sector.
In connection with the review of the company’s existing property portfolio, the board of directors has conducted an analysis of legacy exploration data and arranged for these data to be compiled for presentation to various geological consultants. A field reconnaissance program is also under consideration for the company’s assets in British Columbia and would consist of geological mapping as well as rock and core geochemical resampling. The company is also currently defining and evaluating a prospecting program for the identification of new areas of interest on these properties, which would include additional sampling.
Readers are cautioned that the letter of intent entered into by the company does not set forth the terms of a potential transaction nor have such terms been negotiated or finalized. Completion of any transaction is subject to a number of conditions, including, but not limited to, completion of due diligence, negotiation of definitive agreements in respect of such a transaction, the availability of financing on terms acceptable to the company, and the receipt of any required regulatory and shareholder approvals. A transaction cannot be completed until these conditions are satisfied, and there can be no assurance that such a transaction, or any transaction in the blockchain and cryptocurrency sector, will be completed at all.