Patriot Resources Signs LOI to Acquire Liberty Ridge Tungsten Property in Nevada
Patriot Resources Corp. has signed a binding letter of intent with Tungsten Eagle Development Corp. to acquire the Liberty Ridge Property in Nevada, comprising 269 mining claims. The deal involves issuing 20 million common shares and warrants contingent on exploration milestones, with a planned name change and share consolidation upon completion by April 30, 2026. Concurrently, Nexcel Metals is set to acquire an additional 42% interest in the Burnt Hill Tungsten Project in New Brunswick, increasing its stake to 71.58%.
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Patriot Resources Corp. has signed a binding letter of intent with Tungsten Eagle Development Corp. for an option agreement to acquire the Liberty Ridge Property, consisting of 269 mining claims in Elko County, Nevada. The agreement includes issuing 20,000,000 common shares and 20,000,000 share purchase warrants to TEDC contingent on exploration milestones.
Upon completion, Patriot will hold a 2% net smelter return royalty agreement with TEDC. A name change to Tungsten Eagle Development Corp. is planned upon transaction closure, anticipated by April 30, 2026.
The company will also consolidate its shares and seek to delist from the NEX board while listing on the Canadian Securities Exchange. Concurrently, Nexcel Metals is acquiring an additional 42% interest in the Burnt Hill Tungsten Project in New Brunswick, Canada, increasing its total interest to 71.58%. This acquisition awaits customary closing conditions.
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