Guardian Exploration Inc. (TSXV:GX) entered into a non-binding letter of intent to acquire Site Exploration Mining Company for $4.45 million on December 5, 2023. In exchange for the shares of SEMC, Guardian proposes to pay to the Vendors an aggregate of $0.3 million in cash and 15,000,000 Common Shares in the share capital of Guardian. Additionally, Guardian will pay to the Vendors 500,000 Guardian Shares and $0.05 million for each additional license granted to SEMC for the Prospects over the next five years following closing for a maximum Contingent Consideration of up to 15,000,000 Guardian Shares and $1.5 million. The LOI gives Guardian the option, subject to the approval of the TSX Venture Exchange, to pay up to 70% of the Contingent Cash Consideration using Guardian Shares at a deemed share value based on the volume weighted average trading price of the Guardian Shares on the TSXV (VWAP) for 30 days prior to issue. The proposed transaction is subject to a number of conditions including the satisfactory completion of Guardian?s due diligence and financing raised by Guardian of at least $0.5 million. The Acquisition will be subject to the approval of the TSXV. The LOI will terminate on March 30, 2024 unless extended by the parties by mutual consent.

Guardian Exploration Inc. (TSXV:GX) cancelled the acquisition of Site Exploration Mining Company on April 9, 2024.