Bayshore Petroleum Corp. Provides Update on Proposed Reverse Takeover Transaction and Signing of Definitive Agreement With Infinitum Copper Corp.

CALGARY, Alberta, June 29, 2021 (WORLD NEWSWIRE) — Bayshore Petroleum Corp. (“Bayshore” or the “Company”) (TSX-V: BSH) reveals that, even more to its press release dated May 18, 2021, it has actually participated in an amalgamation contract dated June 25, 2021 (the “Definitive Agreement”) with Infinitum Copper Corp. (“Infinitum”) and 1308039 B.C. Ltd. (“Subco”), a completely owned subsidiary of Bayshore, pursuant to which the Business will get all of the provided and exceptional typical shares in the capital of Infinitum (the “Acquisition”). The Conclusive Contract changes the formerly revealed letter of intent dated May 17, 2021 in between the Business and Infinitum with regard to the Acquisition.

The Acquisition will make up a “Reverse Takeover” under policy 5.2 Modification of Service and Reverse Takeovers (“Policy 5.2”) of the TSX Endeavor Exchange (the “Exchange”), and undergoes approval of the Exchange.

Service of Infinitum & the Adelita Copper Job

Infinitum is an independently held business existing under the laws of the province of British Columbia. It is expected that Infinitum will have 28,116,667 typical shares (“Infinitum Shares”) exceptional after conclusion of the Funding (as explained listed below), and instantly prior to closing of the Acquisition.

Infinitum is participated in business of mineral expedition for copper in Mexico. Infinitum holds a choice to get an 80% interest in the Adelita residential or commercial property, Sonora State, Mexico (the “Adelita Property”), from Minaurum Gold Inc. (TSX-V: MGG; “Minaurum”), as approved under the Mineral Home Alternative and Joint Endeavor Contract dated February 17, 2021 in between Infinitum, Minaurum and its subsidiary, Minaurum Gold, S.A. de C.V. In partial factor to consider of its choice to get an 80% interest in the Adelita Home, Infinitum has actually approved a right to Minaurum (the “Minaurum Right”) to get Infinitum Shares in an amount equivalent to 16% of the provided and exceptional Infinitum Shares since the date upon which its shares start trading on a stock market, consisting of the Exchange. Upon workout of the choice, Infinitum and Minaurum will form a joint endeavor (on a preliminary 80/20 basis) to carry out additional work on the Adelita Residential or commercial property.

The following is a summary of a draft technical report dated June 10, 2021 on the Adelita Residential or commercial property as prepared by Lorne Warner P. Geo. for Infinitum:

The Adelita Residential or commercial property is consisted of 7 mining claims covering 6,445.6117 hectares in Alamos Town in southern Sonora State and Choix Town in northern Sinaloa State. There are presently 4 potential locations within the Adelita Home – the Cerro Grande Ridge, the Las Trancas possibility, the Don Pepe zone, and the Mezquital location. Regional sources report that the brief adit (the “Adelita” adit) and potential customers along the Cerro Grande ridge date from the 1960s. At the Las Trancas possibility location, an open cut was gone into a shear-hosted Cu-oxide event. There has actually been just restricted evaluation of the Mezquital location and Don Pepe zone.

The deposit types are copper-gold skarn deposits are associated with porphyry systems in numerous areas on the planet. Porphyry copper deposits provide most of the world’s copper and molybdenum and are very important sources of gold, silver, and other metals. Broadly, porphyry systems show comparable modification and mineralization zonation vertically and laterally. Garnet skarn with anomalous copper is established in metasedimentary rocks in the Cerro Grande possibility location of the Adelita Residential or commercial property.

A figure accompanying this statement is offered at https://www.globenewswire.com/NewsRoom/AttachmentNg/158725d0-410c-4144-a6ad-5d5fa0315425

The following is a summary of historic work done on the Adelita Home:

Business Years Activity
Unidentified 1960s Brief (“Adelita”) adit and potential customers at Cerro Grande. A percentage of Cu-mineralized rock was delivered.
Unidentified ? Open cut on Cu-oxide-bearing shear zone at Las Trancas.
Minera Cascabel 1998 Mapping and rock tasting on Cerro Grande zone.
Minera Kennecott 2005 Geologic mapping and soil geochemical tasting; and 5-hole, 1263.92-m RC drilling program at Las Trancas possibility.
Minaurum Gold 2008 Geological mapping, stream-sediment and rock geochemical tasting.
Minaurum Gold 2010 Geological mapping, soil and rock geochemical tasting, and helicopter-borne VTEM-magnetics over claim block. 8-hole, 1819.35-m core drilling at Cerro Grande.
Ocean Park Resources (optioned Adelita job) 2011-2012 Geological mapping and geochemical tasting. 7-hole, 1185.95-m core drilling project at Cerro Grande and 6-hole, 1924.65-m core drilling program at Mezquital. IP-resistivity study Mezquital-Cerro Grande potential customers. Ocean Park decreases even more involvement at end of 2012.
Minaurum Gold 2018 One 289.75-m core hole at Cerro Grande and 2 holes amounting to 744.8-m at Las Trancas. Ground magnetics study at Cerro Grande.

The following is the advised expedition work program for the Adelita Home:

IDEA / ACTIVITY EXPENSE (US$)
Cerro Grande Ridge
5 diamond drill holes – 1,500 metres (all-in expense)
$ 300,000
Las Trancas Location
3 diamond drill holes – 900 metres
$ 180,000
Don Pepe 3 claim- northwest corner
2 diamond drill holes – 600 metres
$ 120,000
Geological mapping –Mezquital Location $ 50,000
OVERALL $ 650,000

Infinitum Financial Info

Audited monetary declaration details for Infinitum for the duration from incorporation (April 21, 2020) to March 31, 2021 is offered listed below.

Audited Declaration of Financial Position Info

March 31, 2021
Possessions
Money $ 75,803
Expedition and Assessment Possessions $ 93,334
OVERALL $ 169,137
Liabilities
Present liabilities $ 117,500
OVERALL $ 117,500
Investors’ Equity $ 51,637

Audited Declaration of Comprehensive Loss Info

March 31, 2021
Income Nil
Administrative Costs $ 118,640
Bottom Line ($ 118,640 )

Deal Structure

In accordance with the regards to the Conclusive Contract, the Acquisition will be effected by method of a “three-cornered” amalgamation (the “Amalgamation”), in which: (a) Subco will join together with Infinitum to form an amalgamated business (“Amalco”); (b) all the provided and exceptional shares of Infinitum will be exchanged for post-consolidated typical shares of the Business on a 1:1 basis (such combination explained listed below); and (c) Amalco will end up being a wholly-owned subsidiary of the Business. Following conclusion of the Acquisition, the Business (after conclusion of the Acquisition, the “Resulting Issuer”) will continue business presently carried out by Infinitum, including mineral expedition in the mining sector. Bayshore prepares for providing 34,043,652 post-consolidated typical shares at a considered rate of $0.40 per share for an aggregate considered rate of $13,617,461 for the Acquisition. It is expected that the Resulting Company will have 37,043,652 post-consolidated typical shares exceptional upon conclusion of the Acquisition.

Personal Positioning Fundings

In combination with and as a condition of closing of the Acquisition, Infinitum has actually accepted utilize commercially sensible efforts to finish the following fundings:

(a)   to raise $1,700,000 through the deal and sale of 11,333,333 Infinitum Shares at $0.15 per share; and

(b)   to raise an extra $2,300,000 through the deal and sale of 5,750,000 systems (“Infinitum Units”) at $0.40 per system including one Infinitum Share and half of one Infinitum Share purchase warrant (“Infinitum Warrant”), each entire Infinitum Warrant entitling the holder thereof to get one Infinitum Share at $0.60 for a duration of 24 months,

to raise, in aggregate, $4,000,000 (jointly, the “Financing”).

In connection with the sale of Infinitum Units under the Funding, Infinitum might pay a finder’s charge of approximately 7% of the gross earnings recognized, to specific celebrations designated by the Business, and might likewise release to such celebrations non-transferable warrants to buy such variety of Infinitum Shares as depend on 7% of the variety of Infinitum Systems provided pursuant to the Funding (the “Infinitum Finders’ Warrants”). Each Infinitum Finders’ Warrants will entitle the holder thereof to get one Infinitum Share at $0.60 for a duration of 24 months. It is meant that the net earnings from the Funding will be utilized in the expedition of the Adelita Residential or commercial property, to money the operations of the Resulting Company, and for basic working capital functions.

Bayshore Share Debt Consolidation and Call Modification

The authorized share capital of the Business includes an endless variety of typical shares (“Bayshore Shares”), of which 118,370,715 Bayshore Shares are exceptional since the date of this press release. Prior to the closing of the Acquisition, the Business will combine its exceptional Bayshore Shares (the “Consolidation”) on such basis so regarding have 3,000,000 combined Bayshore Shares (“Consolidated Bayshore Shares”) exceptional instantly prior to closing of the Acquisition. Bayshore presently has 3,300,000 stock choices exceptional which will be cancelled upon closing of the Acquisition.

The Combination undergoes investor approval and supporting paperwork being accepted for filing by the Exchange. In combination with the Combination, Bayshore means to look for investor approval to the modification of name of the Business to “Infinitum Copper Corp.” at the yearly and unique conference of the investors to be hung on August 6, 2021. It is expected that the Business will look for Bayshore investor approval to the reverse takeover by the composed approval of the holders of a bulk of Bayshore’s exceptional shares, following the Exchange’s approval of a last Filing Declaration in Kind 3D2.

Closing of the Acquisition

On conclusion of the acquisition, Bayshore will release the following securities on the terms explained listed below:

  • one Consolidated Bayshore Share for each Infinitum Share exceptional instantly prior to closing of the Acquisition, consisting of those provided in connection with the Funding;
  • 5,926,984 Consolidated Bayshore Shares to Minaurum such that Minaurum will hold 16% of the aggregate variety of Consolidated Bayshore Shares exceptional on closing, in accordance with the Minaurum Right;
  • one Consolidated Bayshore Share purchase warrant in exchange for each Infinitum Warrant exceptional instantly prior to conclusion of the Acquisition on the exact same terms as the Infinitum Warrants; and
  • one Consolidated Bayshore Share purchase finder’s warrant in exchange for each Infinitum Finders’ Warrant exceptional instantly prior to closing of the Acquisition, on the exact same terms as the Infinitum Finders’ Warrants;

(jointly, and on such terms, the “Bayshore Securities”).

In addition, Infinitum and Subco will join together under the terms recommended in the Conclusive Contract, and continue as one corporation (Amalco) under the name of “Infinitum Copper Mining Corp.”.

As factor to consider for Bayshore providing the Bayshore Securities to holders of Infinitum securities, Amalco will release one typical share to Bayshore for each Bayshore Consolidated Share provided; and Amalco will end up being a completely owned subsidiary of Bayshore.

Bayshore Financial Obligation Restructuring and Possession Personality

As part of the conclusion of the Acquisition, Bayshore will:

(i)   get rid of most of its existing and long-term liabilities by paying the exact same in money or providing BSH typical shares in settlement thereof; such that afterwards Bayshore will have no liabilities, aside from an investor loan of $53,500 and liabilities in connection with (i) the expenses of the Acquisition, and (ii) normal administrative expenditures sustained through to closing (the “Bayshore Debt Restructuring”); and

(ii)   concurrent with the closing of the Acquisition, get rid of all of its petroleum and gas possessions, its trailing removal innovation and organization, and its subsidiary, Bayshore Oil Innovation Corp., and will end all agreements in relation thereto (the “Bayshore Disposition”).

In combination with this, Infinitum has actually accepted advance to Bayshore approximately $120,000 to cover Bayshore’s basic and administrative expenditures to the date of closing the Acquisition (the “Advance”). The Advance is non-interest bearing and completely refundable in case the Acquisition has actually not closed on or prior to December 31, 2021. Ivan Po Kwong Chan, a director of the Business, has actually accepted ensure payment of any refund payable pursuant to the Advance, through a corporation entirely owned by him. Board of Directors and Management Modifications

The Business will look for investor approval to increase the variety of directors of the Business from 4 to 7. On conclusion of the Acquisition, the Business’s board of directors and management group will be reconstituted to include a variety of directors and officers identified by Infinitum, as stated listed below:

Call Present Position with
Bayshore or Infinitum
Position with Bayshore upon Conclusion of Acquisition
Steve Robertson Director, President and President of Infinitum Director, President and President
Michael Wood Director of Infinitum Director, Chief Financial Officer and Corporate Secretary
Mahendra Naik Director, Chairman of the Board
Ivan Po Kwong Chan Director of Bayshore, Chairman of the Bayshore Board Director
Garrick Mendham Director
Karen Ovegren Director
Marco Roque Director of Infinitum Director

A quick biographical description of the preliminary directors and officers of Bayshore upon conclusion of the Acquisition is offered listed below:

Steve Robertson – Proposed Director, President and President

Mr. Robertson is a Canadian geologist and mining executive who made a BSc. in Geology from the University of Alberta. After graduation, he invested 5 years performing expedition with Corona Corporation and after that 24 years operating at Imperial Metals Corporation, a mid-tier mining business that has actually been associated with the advancement and operation of 5 mines, mostly in British Columbia. His numerous functions at Imperial consisted of obligation for Red Chris expedition, expediency, allowing and advancement. Mr. Robertson was granted the 2016 E.A. Scholz Award for Quality in Mine Advancement for his management function in advancement of the Red Chris mine.

In 2017, Mr. Robertson was the starting President of Sun Metals Corp. (TSX-V: SUNM), a business that went on to find a copper-gold skarn in British Columbia. Mr. Robertson is on the board of directors of not-for-profit Association for Mineral Expedition BC. He was previously a director of Huckleberry Mines Ltd, a personal mining business and openly noted Sun Metals. He is presently a director of Cassiar Gold Corp.

Michael Wood – Proposed Director, Chief Financial Officer and Corporate Secretary

Mr. Wood is a director at Emerging Markets Capital, a Hong Kong based personal financial investment and advisory company concentrated on natural resources. Mr. Wood is likewise a director of:

  • Reyna Silver Corp. (TSX-V: RSLV), in addition to its Chief Financial Officer, and
  • Cassiar Gold Corp (TSX-V: GLDC).

Mr. Wood holds a MBA from Hong Kong University of Science & Innovation, and a BSc Economics from Cardiff University.

Mahendra Naik – Proposed Director and Chairman of the Board

Mr. Naik is a founding director and previous Chief Financial Officer of IAMGOLD Corporation, a Toronto Stock Market and New York Stock Exchange noted gold mining business. As CFO from 1990 to 1999, he led the settlements of the Sadiola and Yatala mine joint endeavors with Anglo American in addition to the US$400 million in job financial obligation fundings for the advancement of the mines. Mr. Naik contributed in working out joint endeavors with Anglo American and Ashanti Goldfields for expedition homes consisting of Boto/Daorola in Senegal. In addition, he was associated with leading more than $150 million in equity fundings consisting of the going public for IAMGOLD. From 2000 to Might 2021, Mr. Naik continued as a director and member of the audit and settlement committees for IAMGOLD. Given that 2003, Mr. Naik has actually been a director and Chairman of GoldMoney Inc., a TSX-listed rare-earth elements monetary services business with possessions in excess of $2.2 billion, and worked as a member of the audit, settlement, and business governance committees. From 2017-2019, Mr. Naik was likewise a director and Chairman of the audit and unique committees of M2Cobalt Corporation. Given that March 2020, Mr. Naik has actually worked as the director of Zoompass Holdings Inc, a monetary services innovation business. Mr. Naik is associated with a variety of non-profit companies consisting of The Indus Business owners, Trillium Healthcare Facility, and UHN Foundations.

Mr. Naik is a Chartered Expert Accounting professional and practiced for 9 years with a significant accounting company. He holds a Bachelor of Commerce degree from the University of Toronto.

Ivan Po Kwong Chan – Director

Mr. Po Kwong, Chan is a knowledgeable business owner and investor with more than 25 years of experience in the Hong Kong and global property and leasing market. Working primarily with his household group, Dutfield International Group Co. Ltd., Mr. Chan has actually assisted numerous personal and public global and Hong Kong business attain their funding goals. Mr. Chan is presently sitting as an independent board member on a couple of Hong Kong/China personal business.

Garrick Mendham – Proposed Director

Mr. Mendham signed up with Hong Kong based RH Mining Resources Ltd. in 2012 and ended up being a board member in 2017 as Executive Director. He is likewise a non-executive director of Goldrich Mining Business (OTC:GRMC). Mr. Mendham has more than 35 years’ experience in the mining market throughout Australia, South-East Asia and Northern Asia in numerous functions and product groups. He has actually worked for business such as BHP Group Limited, Rio Tinto, Lihir Gold Limited, Bond Corporation, and Queensland Nickel group.

Prior to signing up with RH Mining, Mr. Mendham was with a popular Hong Kong resources financial investment group and was the starting Chairman of the Australasian Institute of Mining and Metallurgy, Hong Kong branch. He got a Bachelor of Mine Engineering from the University of New South Wales, a Graduate Diploma in Financing from the Securities Institute of Australia, and holds Mine Supervisor Certificates in Australia for both New South Wales and Western Australia.

Karin Ovegren – Proposed Director

Ms. Ovegren has actually been an executive with J.P. Morgan for over 13 years. She is presently VP Human being Resources, based in Dubai with obligation for heading the HR function for United Arab Emirates, Egypt, Lebanon and Qatar. She is accountable for driving individuals program throughout Industries in the locations of recruitment & skill management, settlement & advantages management, worker relations, efficiency management, worker engagement and danger & control.

Ms. Ovegren formerly held numerous HR positions in Bahrain and Sweden. She is a qualified Health Coach and holds a Bachelor of Social Science with a significant in Psychology in addition to a CIPD certificate.

Marco Roque – Proposed Director

Mr. Roque is presently the President for Cassiar Gold Corp., a Canadian gold expedition business concentrated on tasks in British Columbia. He is likewise a consultant at Emerging Markets Capital, a financial investment company based in Hong Kong investing mostly in mining tasks noted on the Toronto Stock Market and Australian Securities Exchange, in a mix of pre-discovery, expedition, advancement and producing phase business with a concentrate on tasks based in Canada, Australia, Mexico and South America.

Mr. Roque started his profession in personal banking with Centuries BCP, a big Portuguese bank and signed up with Barclays Capital in 2007, where for a number of years he led the Portuguese derivatives and structured items group with a concentrate on products. Mr. Roque is a CFA charter holder, has actually made an MBA from Hong Kong University of Science and Innovation and London Service School, a Masters in Financing from Nova School of Service and Economics in Lisbon, in addition to an undergraduate Management degree from the exact same school.

Related Celebration Matters and Investor Approval

The conclusion of the Acquisition will make up an “Arm’s Length Transaction” under Policy 5.2. None of the directors or officers of Bayshore have any direct or indirect interest in Infinitum.

Conditions to Closing

Conclusion of the Acquisition will undergo a variety of conditions, consisting of Exchange approval. Secret conditions consist of:

  • invoice of all regulative and 3rd party approvals, consisting of the approval of the Exchange;
  • approval of the investors of Bayshore, Subco and Infinitum, consisting of Bayshore investor approval to the extension of the Business from Alberta into British Columbia following closing.
  • conclusion of the Funding, the Debt Consolidation, the Bayshore Personality and the Bayshore Financial Obligation Restructuring;
  • satisfying due diligence by each celebration of the other;
  • the Business will have made plans for the cancellation, sub-letting or ongoing payment of lease by a 3rd party, with regard to the Business’s existing workplace lease, beginning from, on or prior to closing, on terms fairly satisfying to Infinitum;
  • no product negative modifications to business of Bayshore or Infinitum;
  • invoice of needed monetary declarations of Infinitum and NI 43-101 technical reports on the product homes of Infinitum, each in kind and compound fairly satisfying to Bayshore; and
  • other traditional conditions to closing.

Certified Individual

The clinical and technical details included in this press release has actually been examined and authorized on behalf of Bayshore by Lorne Warner P. Geo., an independent consulting geologist who is a “Qualified Person” as such term is specified under National Instrument 43-101 Standards for Disclosure for Mineral Projects.

Sponsorship

Bayshore will use to the Exchange for a waiver of sponsorship of the Acquisition to the degree that no exemption from the sponsorship requirements is offered under Exchange policies.

Trading Stop

Trading of the typical shares of Bayshore has actually been and will stay stopped pending additional filings with the Exchange.

On Behalf of the Board of Directors of
Bayshore Petroleum Corp.

Peter Ho

President / Director

CAUTIONARY DECLARATIONS

Conclusion of the deal undergoes a variety of conditions, consisting of however not restricted to, Exchange approval and, if appropriate, indifferent investor approval. Where appropriate, the deal cannot close up until the necessary investor approval is gotten. There can be no guarantee that the deal will be finished as proposed or at all.
Financiers are warned that, other than as revealed in the management details circular or filing declaration to be prepared in connection with the deal, any details launched or gotten with regard to the deal might not be precise or total and must not be trusted. Trading in the securities of Bayshore must be thought about extremely speculative.
The TSX Endeavor Exchange Inc. has in no other way passed upon the benefits of the proposed deal and has actually neither authorized nor disapproved the contents of this press release.
Neither TSX Endeavor Exchange nor its Guideline Provider Company (as that term is specified in the policies of the TSX Endeavor Exchange) accepts obligation for the adequacy or precision of this release.

CAUTIONARY DECLARATION REGARDING FORWARD-LOOKING INFO: This press release might consist of specific “forward-looking statements” under appropriate Canadian securities legislation. Positive declarations consist of, however are not restricted to, declarations with regard to: closing of the Acquisition, fulfillment of conditions precedent consisting of raising funds, workout of the choice to get an interest in the Adelita Residential or commercial property, future work to be continued the Adelita Residential or commercial property; usage of funds; and business and operations of Infinitum and Bayshore. Positive declarations are always based upon a number of quotes and presumptions that, while thought about sensible, go through recognized and unidentified dangers, unpredictabilities, and other aspects which might trigger the real outcomes and future occasions to vary materially from those revealed or suggested by such positive declarations. There is no guarantee any of the positive declarations will be finished as explained herein, or at all. Such aspects consist of, however are not restricted to: basic organization, financial, competitive, political and social unpredictabilities; operating and technical problems in connection with mineral expedition and advancement activities, absence of financier interest in funding; requirements for extra capital; future rates of copper; modifications in basic financial conditions; mishaps, hold-ups or the failure to get board, investor or regulative approvals, consisting of the needed licenses; outcomes of existing expedition and screening; modifications in laws, policies and policies impacting mining operations; and title disagreements. There can be no guarantee that such declarations will show to be precise, as real outcomes and future occasions might vary materially from those expected in such declarations. Appropriately, readers must not put excessive dependence on forward looking declarations. Bayshore disclaims any intent or commitment to upgrade or modify any positive declarations, whether as an outcome of brand-new details, future occasions or otherwise.

Contact details:
Peter Ho, President and Director
peter.ho@bayshorepetroleum.com
+1 (403) 630 4355

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Jobber Wiki author Frank Long contributed to this report.