Mr. Gary Norman, Chairman & CEO, reports:
BAIE VERTE, NEWFOUNDLAND / February 2nd, 2022 / FAIR HAVEN RESOURCES INC. (the “Company” or “Fair Haven”) is pleased to announce the successful completion of the sale of the Company’s copper and gold properties to Gold Hunter Resources Inc. (“Gold Hunter”), which trades on the Canadian Securities Exchange (CSE) under the ticker symbol “HUNT”.
The Property Purchase Agreement, dated January 27, 2022, made between Fair Haven and Gold Hunter, involved the acquisition by Gold Hunter of a 100% interest in the properties (mineral claims) listed in Table 1 in consideration for the immediate payment of $250,000 and the issuance of 4,000,000 common shares of Gold Hunter to the 35 shareholders of Fair Haven: with each shareholder receiving a number of common shares of Gold Hunter in proportion to such shareholder’s interest in Fair Haven. The common shares are subject to a four-month statutory hold period expiring on May 22, 2022.
Fair Haven has retained a 2% net smelter royalty (“NSR”) on each of the properties involved in the sale. Gold Hunter holds the right to buy back 50% of the NSR at any time for $1,000,000. In addition, Gold Hunter holds a right of first refusal in connection with any proposed sale or transfer of the NSR by Fair Haven.
Table 1: Mineral claims involved in the Property Purchase Agreement
On behalf of management, Mr. Norman would like to acknowledge the long-standing support of the Fair Haven shareholders.
The Company will continue to seek out opportunities to add value to its already substantial portfolio of royalties (which now total ten in number) and will be developing new mineral properties as an active participant in the rejuvenated mineral exploration scene on the Island of Newfoundland.
On Behalf of the Board of Directors
“Gary Norman”