Active Growth Capital Inc.
TSX VENTURE : ACK

February 02, 2015 16:44 ET

Active Growth Capital Acquires Portage-du-Fort Property

VAL D'OR, QUEBEC--(Marketwired - Feb. 2, 2015) - Active Growth Capital Inc. (TSX VENTURE:ACK) ("ACK" or the "Corporation") is pleased to announce that it has entered into an agreement (the "Agreement") to acquire a 100% interest (the "Acquisition") from a group of prospectors (the "Vendors") in the Portage-du-Nord dolomite marble property (the "Property").

An aggregate of 1,250,000 common shares of ACK will be issued to the Vendors at a deemed price of $0.05 per share ($62,500) and a net smelter royalty ("NSR") of 3% shall be payable to certain Vendors on all minerals produced from the Property all in accordance with the terms of the Agreement. The Corporation shall have the right at any time to buy back 1.5% of the NSR for an aggregate payment of $1,500,000). Subject to TSX Venture Exchange Inc. ("TSXV") approval, ACK expects to pay a finder's fee in the amount of 125,000 common shares in connection with the closing of the Acquisition.

The Property is composed of two contiguous map-designated mineral claims (31F/10) covering a total area of 120.39 ha., situated just 1.5 km northeast of the village of Portage-du-Fort, some 75 km northwest of the city of Ottawa in the southwest corner of the Outaouais region of Quebec, Canada. The Property lies on the eastern shore of the Ottawa River, in proximity to the Quebec-Ontario border and easily accessed via paved and secondary gravel roads. The railway and power lines are less than 1 Km away.

The Portage-du-Fort property and surrounding region show a potential for high purity dolomitic marble. Rock units containing the high purity dolomitic marble at the Dolomex Quarry deposit extend northeast into the Portage-du-Fort Property and further east of the Property. These rock units also extend west across the Ottawa River into Ontario. In Ontario, high purity dolomitic marble was quarried 7.9 km west of Portage-du-Fort. From 1942 to 2008, this marble was quarried for the production of high purity metal and alloyed magnesium for specialized markets.
(Technical report on the Portage-du-fort Dolomite property, Genivar, July 2014)

"I'm thrilled of this 100% property acquisition. We think that we finally found a project that could increase ACK's shareholder value even in these tough times. A compilation of historical data will be performed in the coming weeks ", commented Marc Labrecque, the Corporation's President and CEO.

The common shares issued in connection with the Acquisition will be subject to a four-month and a day hold period in accordance with the policies of the TSXV and applicable securities legislation. The Acquisition remains subject to the approval of the TSXV.

Nabile Tarbouche, P.Geo., a consultant to the Corporation and a Qualified Person as defined by NI 43-101, has reviewed and approved the technical information contained in this news release.

About Active Growth Capital

Active Growth is a TSX listed junior mineral exploration issuer whose long-term objective is to build a diversified company focused on the acquisition, exploration and development of mineral properties. Following the Acquisition the Corporation will have 6,388,338 common shares issued and outstanding. Additional information about the Corporation is available on SEDAR at www.sedar.com.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy of this release.

Contact Information

  • Marc Labrecque
    President and CEO
    (819) 825-0001