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ArcWest Exploration Inc. and Geofine Exploration Consultants Ltd. Sign Portable Assessment Credit Purchase Agreement
Vancouver, British Columbia--(Newsfile Corp. - May 2, 2022) - ArcWest Exploration Inc. (TSXV: ...
About this update from Arcwest Exploration Inc.
[{"type":"text","content":"ArcWest Exploration Inc. and Geofine Exploration Consultants Ltd. Sign Portable Assessment Credit Purchase AgreementVancouver, British Columbia--(Newsfile Corp. - May 2, 2022) - ArcWest Exploration Inc. (TSXV: AWX) (\"ArcWest\") is pleased to announce that it has entered into a Portable Assessment Credit purchase agreement (the \"PAC Agreement\") with Geofine Exploration Consultants Ltd. (\"Geofine\"). Pursuant to the PAC Agreement, Geofine has agreed to sell $2,732,415 of British Columbia Portable Assessment Credits (the \"Purchased PAC\") to ArcWest in exchange for a cash payment of $37,500 (the \"Cash Payment\") and the issuance of $37,500 of common shares of ArcWest (the \"Payment Shares\"). The issuance of the Payment Shares is subject to the approval of the TSX Venture Exchange (the \"Exchange\"). The number of Payment Shares issuable to Geofine will be calculated based on the 30-day volume weighted average trading price (\"VWAP\") of the common shares of ArcWest on the Exchange. In the event that the Exchange does not accept the 30-day VWAP pricing of the Payment Shares, ArcWest will issue the maximum number of Payment Shares as it is able to issue with the Exchange's approval and will make up any shortfall between the deemed value of such Payment Shares and $37,500 in a cash payment to Geofine. In the event that ArcWest is unable to obtain the approval of the Exchange for the issuance of the Payment Shares, ArcWest will pay Geofine an additional $37,500 in cash for an aggregate Cash Payment of $75,000 under the PAC Agreement. The completion of the transactions contemplated by the PAC Agreement are conditional upon: (a) receipt by ArcWest of approval of the Exchange, and (b) Geofine providing written evidence to ArcWest confirming that all necessary steps required to effect the transfer of the Purchased PAC have been taken by Geofine and that the Purchased PAC has been transferred to ArcWest. For further information please contact: Tyler Ruks, President and CEO at +1 (604) 638 3695.About ArcWest Exploration Inc. ArcWest Exploration is a project generator focused on porphyry copper-gold exploration opportunities throughout western North America. The company owns eight copper-gold projects throughout British Columbia's premier porphyry copper-gold districts. These include ArcWest's Todd Creek and Oweegee Dome projects, whic...