Probe Metals Inc. said Dec. 23 that it acquired the Bonnefond North property in Quebec.
The company agreed earlier in December to acquire a 100% interest in the project from QMX Gold Corp. and its joint venture partner in exchange for C$500,000 in cash and a 1% net smelter return.
With the closing of the deal, Probe also completed a C$1.5 million investment in QMX through a private placement of 15 million shares priced at 10 cents apiece. As a result, Probe has an approximate 11% stake in QMX's issued and outstanding common shares, on an undiluted basis.
Bonnefond North consists of 37 mining claims and extends Probe's land package immediately to the south of its Val-d'Or East gold property and along strike of its past producing Beliveau mine.