New Nadina signs LOI to sell Kettle River - Greenwood Area Properties
October 19, 2016 GREENWOOD, BRITISH COLUMBIA New Nadina Explorations Limited (TSXV:NNA) has signed a Letter of Intent (LOI) with Golden Dawn Minerals Inc. The “LOI” allows Golden Dawn through a share acquisition to own Kettle River 100% which, on closure, will include the Greenwood Area Properties (GAP) and all related assets. Consideration for the acquisition consists of a non-refundable deposit of $80,000 on signing LOI, $15,000 by November 26, 2016 and on closure cash payments totaling CAD $1,000,000 (inclusive of deposits) and $600,000 in Golden Dawn shares (issuance price will be based on the 20 days closing average prior to signing of LOI), and subject to a 1% NSR where Golden Dawn can purchase
a ½% for $1,000,000 up to five years and thereafter $1,200,000 up to 10 years leaving a ½% NSR payable to New Nadina. Following the ninety day due diligence period, the closing will be subject to regulatory approvals will be earlier or about January 31, 2017 and within five days of conditional Exchange approval.
Silver Queen Property: This disposition will allow the Company to focus on advancing its wholly-owned prospective Silver Queen Mine project located south of Houston in north central British Columbia where a drill program is planned.
DHK Diamonds Inc.
New Nadina retains the 43.37% shareholdership in DHK Diamonds Inc. (“DHK”), a private company incorporated and registered in the Northwest Territories, with the balance of the shares held by Dentonia Resources Ltd. (“Dentonia”) (43.37%), and Cosigo Resources Ltd. (13.26%). DHK owns a 1% Gross Overriding Royalty on the Monument Diamond project at Lac de Gras NWT in which the Company owns 57.49% interest. Monument is located on the south shore of Lac de Gras in the vicinity of two producing diamond mines.
Silica Quarry (Saskatchewan). With the acquisition of Kettle River, New Nadina holds a 100% interest in a quarry lease that currently expires in December 2019.
New Nadina is encouraged and hopeful that Golden Dawn will revive exploration in the historical productive Greenwood Mining District. Their recent mill facility acquisition provides mineral processing not previously available. We remain dedicated to the Greenwood Area exploration and development.
President and Chief Executive Officer
For further information please visit the website at www.nadina.com
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