Infield Minerals Corp. entered into a non-binding letter of intent to acquire ECC Ventures 2 Corp. (TSXV:ETWO.P) for CAD 14.2 million in a reverse merger transaction on November 9, 2020. Infield Minerals Corp. entered into an entered into a definitive amalgamation agreement to acquire ECC Ventures 2 Corp. (TSXV:ETWO.P) in a reverse merger transaction on December 4, 2020. Under the terms of the transaction, ECC2 will complete a share consolidation on a 2.25 for 1 basis and shareholders of Infield will be issued post-consolidation common shares of ECC2 (Consideration Shares) in exchange for Infield shares on a 1 Infield Share for 2.25 consideration shares basis (Share Exchange Ratio). This will result in the issuance of 35,606,475 consideration shares based on the current capital structure of Infield at a deemed price of CAD 0.40 per. Upon closing of the Acquisition, current securityholders of ECC2 will own 2,600,000 post-Consolidation common shares, 888,888 of which will be subject to escrow provisions pursuant to the policies of the Exchange, and 251,111 stock options exercisable at CAD 0.225 per post-consolidation common share, subject to the provisions of the Company's stock option plan. ECC2 intends to complete a private placement to raise a minimum of CAD 3 million. As of February 26, 2021, Infield completed the private placement financing for aggregate gross proceeds of CAD 3.436 million. Following completion of the transaction, it is anticipated that shareholders of Infield will own 93.1% and shareholders of ECC2 will own 6.9% of the resulting issuer. It is also anticipated that ECC2 will change its name to Infield Minerals Corp. Trading of ECC2's common shares will remain suspended until completion of the proposed transaction.

On completion of the proposed transaction, the resulting issuer's Board of Directors and management team will be constituted as follows, Evandra Nakano as President, Chief Executive Officer and Director, Robert Chisholm as Chief Financial Officer and Corporate Secretary, Richard Dufresne as Vice President Exploration, David Hladky, Scott Ackerman and Shervin Teymouri as Directors. On completion, Elizabeth McGregor will be appointed as a Director.

The completion of the transaction is subject to number of conditions, including exchange acceptance, completion of due diligence investigations to the satisfaction of each of ECC2 and Infield, execution of the Definitive Agreement and completion of the private placement financing. The Transaction is not a Non-Arm's Length Qualifying Transaction under the policies of the Exchange and therefore will not require approval of ECC2's shareholders. The approval of the acquisition by shareholders of Infield, and satisfaction of other customary closing conditions. However, ECC2 has scheduled an annual general and special meeting of shareholders on December 18, 2020, whereat, among other things, the shareholders of ECC2 will be asked to approve certain matters including but not limited to the appointment of a new slate of four directors, assuming closing of the transaction. The transaction has been approved by the TSX Venture Exchange. The Acquisition is expected to occur around the end of May, 2021. Davidson & Company LLP provided auditor's report on financials of ECC2. Computershare Trust Company of Canada acted as transfer agent for ECC2.