Brightrock Gold Corp., Announces Acquisition Agreement with Red Beryl Mining Company, Inc.
Rhea-AI Summary
Brightrock Gold Corp. (OTC Markets: BRGC) has signed a definitive agreement to acquire 100% of the Midnight Owl Mine from Red Beryl Mining Company, Inc. This mine, located near Wickenburg, Arizona, has a history of high-grade Lithium and Beryllium production, with expected deeper reserves. The acquisition entails issuing 30,000,000 restricted common shares with no cash consideration involved. The transfer is projected to complete within 90 days, marking a strategic shift towards becoming a fully domestically sourced Lithium mining firm.
Positive
- Acquisition of the Midnight Owl Mine enhances Brightrock's focus on Lithium mining.
- Historical data indicates the presence of high-grade Lithium and Beryllium deposits.
- Strategic move to become a 100% domestically sourced Lithium mining company.
Negative
- The issuance of 30,000,000 restricted common shares may dilute existing shareholder value.
News Market Reaction – BRGC
On the day this news was published, BRGC declined 6.50%, reflecting a notable negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
GURNEE, IL / ACCESSWIRE / March 1, 2022 / Brightrock Gold Corp. (OTC Markets:BRGC) announced today that it has entered into a definitive agreement with Red Beryl Mining Company, Inc. to obtain
Mr. Mac Shahsavar President of the Company is quoted in saying, "that the execution of this acquisition agreement allows for a completely new corporate vision and direction for Brightrock Gold Corp., while remaining in the mining and exploration industry, with the corporate goal of becoming a
The Midnight Owl Mine, Deposit 10027532 in the Mineral Resource Data System of the USGS is a 20.66 acre claim and past producer in Yavapai County, Arizona.
Past Production records with the USGS indicate high grade Lithium and Beryllium recovery from this site. According to the USGS, reserves are still present at this location and are expected to be deeper than the previously mined ore.
The consideration for this property is 30,000,000 restricted common shares and no cash consideration to be paid. Transfer of ownership of this property is expected to be completed and recorded under the Brightrock Gold corporate name within the next 90 days.
Historical References :
https://mrdata.usgs.gov/mrds/show-mrds.php?dep_id=10027532
Contact:
BrightRock Gold Corporation
Phone 866-600-5444
FORWARD-LOOKING STATEMENTS:
This press release contains forward-looking statements as defined within Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements relate to future events, including our ability to raise capital, or to our future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects our current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to our operations, results of operations, growth strategy and liquidity. We assume no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.
For a discussion of these risks and uncertainties, please see our filings with the OTC Markets Group Inc. Our public filings with the OTC Markets Group Inc are available from commercial document retrieval services and at the website maintained by the OTC Markets at https://www.otcmarkets.com/stock/BRGC/disclosure
SOURCE: BrightRock Gold Corp.
View source version on accesswire.com:
https://www.accesswire.com/690898/Brightrock-Gold-Corp-Announces-Acquisition-Agreement-with-Red-Beryl-Mining-Company-Inc
FAQ
What is the significance of the acquisition of the Midnight Owl Mine by Brightrock Gold Corp.?
What is the acquisition price for Midnight Owl Mine?
When is the transfer of the Midnight Owl Mine expected to complete?
What potential risks are associated with the acquisition of Midnight Owl Mine for BRGC shareholders?
What historical production data is available for the Midnight Owl Mine?
