Vancouver, March 23, 2022 – Core Assets Corp., (“Core Assets” or the “Company”) (CSE:CC) (FSE:5RJ) (OTC.QB:CCOOF) is pleased to announce the addition of Mr. Joshua Vann as Vice President of Business Development and Strategy and provides an update on the amount of cash received from warrant exercises as of March 17, 2022.
Core Assets is pleased to announce it has appointed Mr. Joshua Vann as Vice President of Business Development and Strategy. Joshua previously worked in Equity Research at PI Financial Corp. on the Special Situations Team. He has extensive experience working in corporate development for publicly and privately listed companies in the natural resource sector. Joshua also brings experience working in Investment Banking across industries such as healthcare, technology, and mining/exploration. Joshua holds a Bachelor of Commerce Degree from McGill University with a Major in Finance.
In connection with the Company’s private placement offering of units which closed on March 17, 2021, 12,177,767 share purchase warrants were issued, with each warrant entitling the holder to purchase one common share in the capital of the Company for a period of 24 months from the closing date at an exercise price of $0.15 per warrant share in first year and $0.25 per warrant share in second year. As of 5:00PM PST on Thursday, March 17, 2022, 10,286,100 (84%) of the warrants from the above offering were exercised for cash for proceeds of $1,566,760.50 including the broker warrants. As a result, Core Assets now has approximately $3.92 million in cash on its balance sheet making it fully funded for the 2022 exploration program.
After the completion of the warrant exercise, the Company has approximately 73.86 million common shares outstanding as of March 17, 2022.
About Core Assets Corp.
Core Assets Corp. is a Canadian mineral exploration company focused on the acquisition and development of mineral projects in British Columbia., Canada. The Company currently holds 100% title ownership in the Blue Property, which covers a land area of 109,994.4 ha (~1,010 km²). The project lies within the Atlin Mining District, a well-known gold mining camp located in the unceded territory of the Taku River Tlingit First Nation and the Carcross/Tagish First Nation. The Blue Property hosts a major structural feature known as The Llewellyn Fault Zone (“LFZ”). This structure is approximately 140 km in length and runs from the Tally-Ho Shear Zone in the Yukon, south through the Blue Property to the Alaskan Panhandle Juneau Ice Sheet in the United States. Core Assets believes that the south Atlin Lake area and the LFZ has been neglected since the last major exploration campaigns in the 1980's. The LFZ plays an important role in mineralization of near surface metal occurrences across the Blue Property. The past 50 years have seen substantial advancements in the understanding of porphyry, skarn, and carbonate replacement type deposits both globally and in BC’s Golden Triangle. The company has leveraged this information at the Blue Property to tailor an already proven exploration model and believes this could facilitate a major discovery. Core Assets is excited to become one of Atlin Mining District’s premier explorers where its team believes there are substantial opportunities for new discoveries and development in the area.
On Behalf of the Board of Directors
CORE ASSETS CORP.
President & CEO
FORWARD LOOKING STATEMENTS
Statements in this document which are not purely historical are forward-looking statements, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Forward looking statements in this news release include, but are not limited to, the anticipated use of the proceeds received from the exercise of share purchase warrants; that the proceeds received from the exercise of the warrants will be sufficient to fund its 2022 exploration program; the Company’s belief that its exploration model could facilitate a major discovery on the Blue Property; and that the Atlin Mining District possesses substantial opportunities for new discoveries and development. It is important to note that the Company's actual business outcomes, use of proceeds and exploration activities could differ materially from those in such forward-looking statements. Risks and uncertainties include that: the proceeds from the exercise of warrants may be insufficient to fund the Company’s 2022 exploration program; any required permits may not be granted in a timely manner or at all; the mineral claims may prove to be unworthy of further expenditure; there may not be an economic mineral resource; exploration methods we thought would be effective may not prove to be in practice or on our claims; economic, competitive, governmental, geopolitical, environmental and technological factors may affect the Company's operations, markets, products and prices; the Company’s specific exploration plans and the timing thereof may change; and that the Company may not have access to, or be able to develop any minerals because of cost factors, type of terrain, or availability of equipment and technology. The novel strain of coronavirus, COVID-19, also poses risks that are currently indescribable and immeasurable. Additional risk factors are discussed in the section entitled “Risk Factors” in the Company's Management Discussion and Analysis for its recently completed fiscal period, which is available under Company’s SEDAR profile at www.sedar.com. Except as required by law, we will not update these forward looking statement risk factors.
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