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Beaufield closes acquisition of Windfall East gold project from Alto

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Beaufield closes acquisition of Windfall East gold project from Alto

Beaufield Resources Inc. completed the previously reported acquisition of the 299-hectare Windfall East gold project in Quebec from Alto Ventures Ltd.

The early stage property is adjacent to Osisko Mining Inc.'s Windfall Lake deposit and on trend from Osisko's new Lynx discovery in Quebec's Urban-Barry Township, according to the June 7 statement.

Beaufield paid C$300,000 in cash and issued 2.75 million shares to Alto as consideration.

Alto retains a 1% net smelter royalty on the property, half of which Beaufield can repurchase for C$1 million. Beaufield also assumed an underlying agreement for an additional 2% net smelter royalty in favor of a third party on the property.

Concurrent with the transaction, Beaufield subscribed for 2,916,667 Alto shares for C$350,000, representing approximately 6.8% of Alto's outstanding shares.