Goat Industries Ltd., (the “Company” or “GOAT”) is delighted to declare that following the press release of the company, which is dated March 10th, 2023, the Company has finished the acquisition of some claim blocks situated in Quebec, Canada (the “Lacana-Doran Property”).
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Now, GOAT owns a 100% interest in the Lacana-Doran Property that comprises 1,925 hectares of land situated west of Aguanish, 100 km east of Havre St. Pierre, and 320 km east of Sept Iles in Quebec, Canada. Five Quebec-designated occurrences are included in the Lacana-Doran Property: Lacana-Doran; DMC-R01; MZX-TR-18; Ech L6-L10; and Ech CS06-G1, along with three (3) designated rock samples with historic reported Lithium values, and a part of another occurrence that is selected as the “Area C” of the occurrence called Riv. Nabisipi with rare earth Bastnaesite and Uranium.
The Lacana-Doran Property comprises expressions of lithium, uranium, and pegmatite mineral values and offers a wide target area for elaborate follow-up geochemical sampling, geophysical surveying, and drilling. In a Uraniferous environment, the incidence of Bastnaesite is hopeful. The Lacana-Doran Property has the likelihood for Uranium deposits, as well as LCT Pegmatite deposits.
In line with the investment policy of the Company, GOAT does not aim at developing the Lacana-Doran Property—instead, it will look to increase the property value and the corresponding return to shareholders by setting them for divestiture to mining companies that might be interested in progressing the Lacana-Doran Property.
Dr. Stewart A Jackson, P.Geo. is the independent Qualified Person of GOAT under National Instrument 43-101 – Standards of Disclosure for Mineral Projects who has studied and sanctioned the technical and scientific content of this news release.
The Lacana-Doran Claim Blocks are acquired by GOAT from particular arm’s length parties pursuant to two individual asset purchase agreements dated March 8th, 2023 (the “Asset Purchase Agreements”). In accordance with Asset Purchase Agreements, GOAT acquired a 100% interest in the Lacana-Doran Claim Block by issuing a total of 80,000,000 common shares (the “Consideration Shares”) at a deemed issue price of $0.011/share for a purchase price of about $880,000.
The Consideration Shares are issued with a four month-and-one-day hold period that will expire on July 24th, 2023. The Lacana-Doran Property acquisition did not comprise a fundamental change, nor a business change for the Company, nor was there a change of Company control within the implication of applicable securities laws and the policies of the Canadian Securities Exchange. In relation to the acquisition of the Lacana-Doran Property, no finders’ fees or commissions were paid.