Fire River Gold buys option to acquire subsidiary of Pacific Northwest Capital

The Canadian Press ~ The News
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VANCOUVER - Pacific Northwest Capital Corp. (TSX:PFN) said Monday it has granted Fire River Gold Corp. an option to buy one of its Alaskan subsidiaries in a deal worth about US$3 million.
The subsidiary, Mystery Creek Resources Inc., controls the Nixon Fork gold mine in Alaska.
The deal will see Fire River pay Pacific Northwest US$50,000 upon the closing of the transaction. If the company chooses to exercise its purchase option, it will pay US$450,000 in cash plus about US$2.5 million in stock.
Pacific Northwest said the deal would give it a 64 per cent ownership stake in Fire River.
Under the terms of the sale, Fire River will also grant Pacific Northwest a million share purchase warrants redeemable at 50 cents a share over two years.
Pacific Northwest said the sale will allow it to continue to focus on nickel and platinum group metals while still maintaining an interest in the Nixon Fork gold project.

Organizations: TSX, Mystery Creek Resources

Geographic location: Pacific Northwest Capital, Fire River, Pacific Northwest VANCOUVER Alaska

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