International Bethlehem Mining Corp. (TSXV:IBC.H) entered into a purchase and sale agreement to acquire 90% stake in Clifford Gold Project on August 2, 2022. The Company will acquire the 90% interest in the Project by issuing 20,000,000 post-consolidation common shares of the Company to the Vendor. In connection with the Transaction, the Company intends to consolidate its common share capital. The Company also intends to complete a non-brokered private placement to raise up to CAD 2.5 million additional capital to satisfy obligations under the Agreement, extinguish debt and liabilities and to further develop the Project. Following completion of the Transaction, the Vendor will retain a 10% interest in the Project, with the Company responsible for the costs associated with the maintenance and development of the Project until completion of a preliminary economic assessment. The Project will also be subject to a two percent net smelter returns royalty, which the Company will be responsible for, of which one-half may be purchased by the Company in consideration for a one-time payment of CAD 2 million. Closing of the Transaction remains subject to the completion of a technical report in respect of the Property, completion of the Offering, and the approval of the TSX Venture Exchange. The Transaction cannot be completed until approval of the TSX Venture Exchange is received. Trading in the common shares of the Company has been halted on the TSX Venture Exchange and is expected to remain halted pending completion of further filings with the TSX Venture Exchange.