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Altiplano Announces Acquisition of Comet's Interests in Chilean Joint Venture and Announces Shareholder Update Call
Altiplano Announces Acquisition of Comet's Interests in Chilean Joint Venture and Announce...
About this update from Altiplano Metals Inc.
[{"type":"text","content":"\n\n\n\nAltiplano Announces Acquisition of Comet's Interests in Chilean Joint Venture and Announces Shareholder Update Call\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nEDMONTON, Dec. 11, 2017\n\n\n\nAPN: TSXV ALTPF: OTCQB  9AJ1: FWB\n\n\n\nEDMONTON, Dec. 11, 2017 /CNW/ - Altiplano Minerals Ltd. (TSXV: APN) (\"APN\" or the \"Company\"):  APN today announces that the Company has entered into a binding letter of intent (the \"LOI\") with Comet Exploration Ltd. (\"Comet\") in respect of acquiring all of Comet's remaining 50% interest in their Chilean joint venture (the \"CJV\") for two copper and gold projects called the Farellon and Maria Luisa projects, which are located near the town of La Serena, Republic of Chile (collectively, the \"Projects\").  The LOI results in APN acquiring a 100% undivided interest in the Projects. Moving forward, APN will be the operator of the Projects, and the CJV is effectively terminated.\n\n\n \n \n\n \nAPN's CEO John Williamson commented, \"The underpinnings of this transaction are the possible near-term production and cash-flow potential of our workings below the historic Farellon Mine; the medium-term potential of the historic Maria Luisa Mine project once we decipher its complex geology; and the longer-term potential of applying our expertise and experience to identify and capitalize on new mining opportunities in Chile. We would like to thank Comet for their clear vote of confidence, entrusting us to advance their flagship projects in a professional and entrepreneurial manner.  We look forward to exceeding expectations.\"\n\nPursuant to the LOI, the Company must issue to Comet 7.5 million common shares at a deemed value of $0.20 per share, and pay A$50,000 to Comet within the next 90 days, in consideration of Comet's issuance to APN of common shares of Comet at a price of A$0.10 per share or lower, on the sale terms as will be offered to arm's length third parties.  In addition, Comet will retain a 10% net profits interest in the Projects, until Comet has been paid C$1.5 million.\n\n...