Phenom Earns 100% Interest in Crescent Valley Gold Property Following Final Share Issuance
Rhea-AI Summary
Phenom Resources (OTCQX: PHNMF) issued 150,000 common shares at a deemed price of $0.44 to Nevada Gold Ventures, completing the final share payment under the April 26, 2023 option agreement for the Crescent Valley property near Carlin, Nevada.
With this issuance Phenom has satisfied all cash, share and work commitments and has earned a 100% interest in the property, subject to an NSR royalty; the issuance is a related party transaction and the company is relying on MI 61-101 exemptions.
Positive
- 100% interest earned in Crescent Valley property
- Completed final issuance of 150,000 shares at $0.44 per share, fulfilling agreement
- Total share consideration under option equals 600,000 shares accepted by TSXV on June 23, 2023
Negative
- Crescent Valley title is subject to an NSR royalty
- Issuance constitutes a related party transaction; company relies on MI 61-101 exemptions
News Market Reaction – PHNMF
In the Apr 28 session, PHNMF declined 0.95%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
AI-generated analysis. How Rhea-AI works. Not financial advice.
Vancouver, British Columbia--(Newsfile Corp. - April 27, 2026) - Phenom Resources Corp. (TSXV: PHNM) (OTCQX: PHNMF) (FSE: 1PY0) ("Phenom" or the "Company") announces the issuance of 150,000 common shares (the "Consideration Shares") at a deemed price of
Pursuant to the Option Agreement, the Company has the option to acquire a
With the issuance of the Consideration Shares, the Company has satisfied all cash payment, share issuance and work expenditure obligations under the Option Agreement and has earned a
At the time the Option Agreement was entered into and at the time of its acceptance by the Exchange, the transaction was an arm's length transaction. Subsequent to the original acceptance, Dave Mathewson, the owner of Nevada Gold Ventures LLC, became a director of the Company and is accordingly now an insider of the Company.
As a result of Dave Mathewson's current status as a director, the issuance of the Consideration Shares to the Vendor constitutes a "related party transaction" within the meaning of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101") and TSXV Policy 5.9. The Company notes, however, that the underlying obligation to issue these shares arose prior to Dave Mathewson becoming a director, pursuant to an agreement accepted by the Exchange as arm's length, and that no new consideration is being provided. The Consideration Shares represent the fulfillment of a pre-existing, Exchange approved obligation.
To the extent MI 61-101 applies, the Company is relying on the exemptions from the formal valuation requirement and minority shareholder approval requirement pursuant to sections 5.5(a) and 5.7(1)(a) of MI 61-101, on the basis that the fair market value of the Consideration Shares to be issued to Nevada Gold Ventures LLC, does not exceed
About Phenom Resources Corp.
Phenom has
ON BEHALF OF PHENOM RESOURCES CORP.
per: "Paul Cowley"
CEO & President
(604) 340-7711
pcowley@phenomresources.com www.phenomresources.com
Technical disclosure in this news release has been reviewed and approved by Paul Cowley, a Qualified Person as defined by National Instrument 43-101, director, President and CEO of the Company.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-looking information
Certain statements in this news release constitute "forward-looking" statements. These statements relate to future events or the Company's future performance. All such statements involve substantial known and unknown risks, uncertainties and other factors which may cause the actual results to vary from those expressed or implied by such forward-looking statements. Forward-looking statements involve significant risks and uncertainties, they should not be read as guarantees of future performance or results, and they will not necessarily be accurate indications of whether or not such results will be achieved. Actual results could differ materially from those anticipated due to a number of factors and risks. Although the forward-looking statements contained in this news release are based upon what management of the Company believes are reasonable assumptions on the date of this news release, the Company cannot assure investors that actual results will be consistent with these forward-looking statements. The forward-looking statements contained in this press release are made as of the date hereof and the Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required under applicable securities regulations.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/294505