Fulcrum Metals (Canada) Ltd. entered into a mineral claim purchase agreement to acquire Tully Gold project from 1911 Gold Corporation (TSXV:AUMB) for CAD 0.8 million on August 7, 2023. As for consideration, CAD 0.7 million of the cash consideration will be paid and satisfied by FMCL with the Escrowed Amount payable to 1911 upon delivery to FMCL of the original Lease Transfer Consent. The gross proceeds of the Fundraising will be CAD 0.89 million which will be used to fund the transaction.

The net proceeds from the Fundraising will be used by the Company to satisfy the consideration due under the Purchase Agreement, costs and for working capital needs. Transaction is expected to be close on or before August 9, 2023. Allenby Capital Limited acted as financial advisor to Fulcrum Metals (Canada) Ltd.