WINDFALL GEOTEK FINALIZES DEAL FOR THE COPPER, ZINC AND GOLD PROPERTY IN CHAPAIS, QUEBEC.
DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN
Brossard, Quebec / The Newswire / June 25, 2021 – Windfall Geotek Inc. (the “Company”, or “Windfall” TSX-V: WIN, OTCQB: WINKF, FSE: L7C2), a leader in the use of Artificial Intelligence (AI) with advanced knowledge-extraction techniques since 2005 in the mining sector is pleased to announce a finalized option agreement of the Chapais property to Grand Pacific Resources Inc. Grand Pacific Resources Inc is a private company that will be going public in the near future. The deal terms provide Windfall Geotek with a 10% stake in the property, 1% NSR with the right to buy 1% in the future for $500k, pre-IPO/RTO priced shares, cash payments and a 20% interest in issued & outstanding common shares when the company goes public.
Deal Term Highlights:
- On or before December 31, 2021 and upon completion of a going public transaction Windfall Geotek will be issued an amount of shares in order to own 20% of the currently issued & outstanding shares.
- 10% stake in the property option
- 1 % NSR with the right to buy 1% in the future for $500k
- Board seat on the public entity by Grand Pacific Resources Inc.
- Undisclosed cash considerations
Dinesh Kandanchatha, Chairman of Windfall Geotek commented: “We are excited to partner with the team at Grand Pacific Resources. After a rigorous process and evaluating multiple avenues, it became clear that this was the best option for Windfall shareholders. Windfall Geotek intends on playing a key part through our AI and Drone services in the development of this resource alongside Grand Pacific Resources.”
About Windfall Geotek – Powered by Artificial Intelligence (AI) since 2005
Windfall is an Artificial Intelligence company that has been in business for over 15 years developing its proprietary analysis (AI) and data mining techniques. Windfall Geotek can count on a multidisciplinary team that includes professionals in geophysics, geology, Artificial Intelligence, and mathematics. It combines available public and private datasets including geophysical, drill hole and surface data. The algorithms designed and employed by Windfall are calculated to highlight areas of interest that have the potential to be geologically similar to other gold deposits and mineralization. The Company’s objective is to develop a new royalty stream by significantly enhancing and participating in the exploration success rate of mining and to continue the Land Mine detection application as a high priority. Windfall has played a part in numerous past discoveries utilizing its methodology as described at: https://windfallgeotek.com/.
For further information, please contact:
Simran Kamboj President and CTO
Email: [email protected]
Additional information about the Company is available under Windfall Geotek’s profile on SEDAR at www.sedar.com. Neither the TSX Venture Exchange nor does its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.
FORWARD-LOOKING STATEMENTS: This news release contains forward-looking statements, which relate to future events or future performance and reflect management’s current expectations and assumptions. Such forward-looking statements reflect management’s current beliefs and are based on assumptions made by and using information currently available to the Company. Investors are cautioned that these forward-looking statements are neither promises nor guarantees, and they are subject to risks and uncertainties that may cause future results to differ materially from those expected. These forward-looking statements are made as of the date hereof and, except as required under applicable securities legislation, the Company does not assume any obligation to update or revise them to reflect new events or circumstances. All forward-looking statements made in this press release are qualified by these cautionary statements and by those made in our filings with SEDAR in Canada (available at WWW.SEDAR.COM).