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Chimata Gold to acquire Bam property from Bearclaw Capital

Chimata Gold Corp. said Oct. 13 that it agreed to acquire the Bam gold property in British Columbia from Bearclaw Capital Corp. in a cash and stock deal.

Chimata will pay C$60,000 and issue 600,000 shares in stages to Bearclaw over a 12-month period to acquire the property. Bearclaw will retain a 2% net smelter royalty, half of which may be bought by Chimata at any time for C$1 million.

The company, meanwhile, plans to raise up to C$550,000 in a private placement to fund exploration activities and for general working capital.