SALT LAKE CITY, Utah / ACCESSWIRE / June 29, 2023 / Arvana Inc. (OTC PINK:AVNI) announces that it has entered into a Letter of Intent (LOI) with Luxcor Gold (Alberta) Limited Partnership (Luxcor) to acquire a registered mining claim showing a near-term outlook for gold. Announced. Production, permitting, as well as infrastructure and equipment for processing ore. The decision to pursue projects in the mining sector is consistent with Arvana’s mission to enhance shareholder value by leveraging and managing promising business opportunities.

Luccoa’s claim is in La Paz County, Arizona, which has a rich history of gold mining. Good geology close to former gold mines, mass sampling results, and historical production records represent compelling prospects for commercial productive recovery of low- to high-grade gold from claims. Assets to be acquired include an ore processing plant housed in an 8,000-square-foot building on 40 acres of industrial land with easy access to Interstate 10, a complete gold gravity processing unit, and 600-volt 1,600-amp power transmission. Net service, 2 wells included. . The Luxcor Mine site and factory are licensed for ore mining and processing.

The LOI will be paid in Arvana’s restricted common stock with a purchase price equivalent to $0.50 per share, a net revenue split of the proceeds from gold production, and Arvana’s $3 million operating capital to be provided with additional funding. expected to be paid with a commitment of need. The equity component of the purchase price will include a mechanism to release Arvana shares to Luccoa in increments equal to net proceeds to be paid to Luccoa as a percentage of the purchase price.

“We are thrilled to announce our intention to acquire these remarkable gold assets and related assets,” said Arvana CEO Ruairid Campbell. “Our purposeful entry into the mining sector confirms our growth strategy and provides us with an exciting opportunity to capitalize on the strong demand for precious metals.”

LOIs are non-binding and are subject to mutual satisfaction of customary due diligence prior to finalizing final contract terms.

For additional information regarding future transactions, please refer to Arvana’s filings with the Securities and Exchange Commission or contact us directly.

Arvana Co., Ltd.

Arvana (“OTC: AVNI”) is a public company registered under the Securities Exchange Act of 1934, as amended, and is cited on the OTC Pink Sheet Update Alternative Reporting Platform.

Luccoa Gold Limited Partnership

Luxcor is a limited liability partnership based in Alberta, Canada and owns registered mining claims that provide near-term prospects for gold production in La Paz County, Arizona. The partnership also owns the infrastructure and equipment required to process the ore on site.

Forward-Looking Statements

Certain statements contained in this press release are subject to risks and uncertainties, including general economic conditions, changes in capital markets, regulatory laws and other conditions that may cause actual results. , are forward-looking statements regarding future expectations based on currently available information. Very different from those expectations. Arvana makes no representations or warranties, express or implied, as to the accuracy, completeness or status of such statements and therefore does not We are not responsible for any decisions or actions taken. press release. Arvana encourages the public to read the information provided in connection with recent filings on Form 8-K, Form 10-Q and Form 10-K. www.sec.gov.

contact

Ruairid Campbell, Chief Executive Officer
Phone: +1 801-232-7395
Email: [email protected]

Website: https://arvana.us

Jim Clark, Managing Partner
Email: [email protected]

sauce: Arvana Co., Ltd.

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https://www.accesswire.com/764567/Arvana-Signs-LOI-to-Acquire-Luxcor-Gold-Property-and-Many-Assets