Makenita Resources Closes Acquisition of the "Sisson West Tungsten Project" in New Brunswick and the "NTX Rare Earth Project in Quebec"
Executive Summary
- Makenita Resources Inc. closed an option agreement to acquire the Sisson West Tungsten Project (≈4,000 acres) in New Brunswick and the NTX Rare Earth Project (≈9,000 acres) in Quebec.
- Consideration includes issuance of up to 3,000,000 common shares at a deemed $0.06 per share, 1,500,000 warrants exercisable at $0.08 per share, and cash payments totaling $30,000, structured over three tranches.
- The acquisition gives Makenita an exclusive right to earn a 100 % interest in both properties, expanding its portfolio into tungsten and rare‑earth minerals.
Key Details
- Properties Acquired:
- Sisson West Tungsten Project – ~4,000 contiguous acres bordering the existing Sisson Tungsten Mine (New Brunswick).
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NTX Rare Earth Project – ~9,000 acres prospective for rare earth elements (Quebec).
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Option Agreement Consideration:
- Cash Payment: $30,000 total.
- Equity Issuance: Up to 3,000,000 common shares at a deemed price of $0.06 per share.
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Warrants: 1,500,000 transferable warrants exercisable at $0.08 per share for three years from issuance.
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Issuance Schedule:
1. Within 7 business days – $30,000 cash, 2,000,000 common shares + 1,000,000 warrants.
2. Within 4 months – 500,000 common shares + 500,000 warrants.
3. Within 8 months – 500,000 common shares. -
Hold Period: All issued shares and warrants subject to a standard hold period of four months plus one day.
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Corporate Structure: Makenita has 33 million shares outstanding; the transaction does not dilute existing shareholders beyond the disclosed issuances.
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Management Commentary: President/CEO Jason Gigliotti highlighted strategic timing given global focus on rare earths and the designation of the adjacent Sisson Tungsten Mine as a “Nation Building Project.”
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Qualified Person: Technical disclosure reviewed and approved by Frank Bain, P.Geo., per NI 43‑101.
Notable Quotes
“We are pleased to close on both of these exciting new projects. Rare earths have been thrust in the global spotlight in the past few months so the timing for this new acquisition is ideal… We anticipate being active on these claims in the short term and with only 33 million shares outstanding the structure is intact for immediate and future growth.” – Jason Gigliotti, President, CEO & Director, Makenita Resources Inc.