TORONTO, May 22, 2025 (GLOBE NEWSWIRE) — Matachewan Consolidated Mines, Limited (“Matachewan” or the “Company”) (TSX-V:MCM.A-X) is pleased to announce that the Company has entered into a definitive purchase and sale agreement (the “Agreement”) with respect to the sale of certain of its mineral royalties on the Young-Davidson Mine, located in the Matachewan, Ontario area, to Alamos Gold Inc. (“Alamos”) (the “Purchaser”) owner and operator of the Young-Davidson Mine. The transaction closed on the 21st day of May 2025.
Prior to closing of the transaction, the Company was the legal and beneficial owner of certain royalty rights on 24 mining claims in Powell and Cairo Townships, Matachewan, Ontario which forms part of the Young-Davidson Mine owned and operated by Alamos. Pursuant to the Agreement, the Company sold all of its rights and interests in any and all present and future royalties generated from the 24 mining claims.
Pursuant to the terms of the Agreement, the Company together with the Purchaser agreed to final consideration of C$2,700,000 payable on May 21, 2025 fully satisfying all conditions precedent to closing.
As stated by the President and CEO of the Company, Richard McCloskey, the sale provides Matachewan with immediate inflow of cash and provides the opportunity to pursue other investment opportunities.
For further information contact:
Edward G. Dumond
Corporate Secretary
289 231 4765
Matachewan Consolidated Mines, Limited
Neither the TSX Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Certain statements in this news release constitute “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information contained in forward-looking statements can be identified by the use of words such as “are expected”, “is forecast”, “is targeted”, “approximately”, “plans”, “anticipates”, “projects”, “continue”, “estimate”, “believe” or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. This news release contains forward-looking information regarding: (i) the expectations relating to whether a transaction will be consummated, including, without limitation, whether conditions to the consummation of the transaction will be satisfied, or the timing for completing the transaction; and (ii) expectations for the effects of the transaction or the ability of the Company to successfully achieve business objectives, including the effects of unexpected costs, liabilities or delays, and if the transaction is completed, the ability of the Company to allocate the net proceeds as stated above. Forward-looking information involves a number of known and unknown risks and uncertainties, which, if incorrect, may cause actual results to differ materially from those anticipated by the Company, including, without limitation, the risks that the transaction as described in the Agreement may not be completed and the parties may be unable to realize on the anticipated benefits of the transaction. Accordingly, readers should not place undue reliance on forward-looking information.
For additional information with respect to these and other factors and assumptions underlying the forward-looking information made in this news release, see the Company’s most recent management’s discussion and analysis, as well as other public disclosure documents that can be accessed under the issuer profile of “Matachewan Consolidated Mines, Limited.” on SEDAR at www.sedar.com. The forward-looking information set forth herein reflects the Company’s reasonable expectations as at the date of this news release and is subject to change after such date. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law. The forward-looking information contained in this news release is expressly qualified by this cautionary statement.
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