Probe Metals completes acquisitionof Beaufor, McKenzie Break properties

PROBE GOLD (PROBF) announce the completion of its previously announced agreement of purchase and sale with Monarch Mining Corporation (GBARF). Pursuant to the Agreement, Probe acquired a 100% interest in the McKenzie Break and Beaufor properties. The Property acquisition extends the Company’s land package adjacent and immediately to the north of the Company’s Novador Project and increases Probe’s landholdings in Val-d’Or to 685 square kilometres. Pursuant to the Agreement, the Company acquired a 100% interest in the McKenzie Break and Beaufor properties, for aggregate consideration of $8.5 million, paid to Monarch as follows: Probe issued 3,580,902 common shares for a total value of $5.4 million based on the 10-day volume weighted average price of Probe’s common shares on the Toronto Stock Exchange for the period ending on April 1st, 2024, with the Consideration Shares being issued at a deemed price of $1.508 per Consideration Share; and (ii) a cash payment of $3.1 million. The Consideration Shares have a hold period of four months and one day from closing date of the Acquisition.