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ATEX Resources Earns 49% Interest in Valeriano Project, Amends Option Agreement
Toronto, Ontario--(Newsfile Corp. - August 28, 2023) - ATEX Resources Inc. (TSXV: ATX) ("ATEX" or the "Company") is pleased to announce that the Company, throug
About this update from Atex Resources Inc.
[{"type":"text","content":" Toronto, Ontario--(Newsfile Corp. - August 28, 2023) - ATEX Resources Inc. (TSXV: ATX) (\"ATEX\" or the \"Company\") is pleased to announce that the Company, through its wholly owned subsidiary, ATEX Valeriano SpA (\"ATEX Valeriano\"), has earned a 49% interest in the Valeriano Copper Gold Project (the \"Valeriano Project\") after completing significant payment and exploration milestones under the option agreement (the \"Option Agreement\") dated August 29, 2019, as previously amended, between ATEX Valeriano and Sociedad Contractual Minera Valleno (\"Valleno\"). In connection with earning the 49% interest in the Valeriano Project, ATEX Valeriano and Valleno also agreed to amend certain terms of the Option Agreement to simplify certain administrative and structural matters. \"We are tremendously pleased to have reached a 49% interest in the Valeriano Project and are looking forward to acquiring 100% after our next drilling seasons that should assure the high-grade porphyry trends and expand the size of the deposit,\" stated Raymond Jannas, CEO and President of the Company. ATEX's 49% Interest Pursuant to the terms of the Option Agreement, ATEX Valeriano paid Valleno an aggregate of US$3.5 million, satisfying 50% of such payment with a cash payment of US$1.75 million and 50% of such payment in 2,935,749 common shares of the Company (the \"ATEX Shares\"), such ATEX Shares having a deemed aggregate value of US$1.75 million. In addition, ATEX Valeriano also met the current exploration requirements set out in the Option Agreement, being US$10 million in exploration expenditures on the Valeriano Project, including the completion of not less than 8,000 metres of drilling. ATEX Valeriano was obligated to make the US$3.5 million payment and meet those exploration milestones by August 29, 2023 in order to secure a 49% interest in the Valeriano Project. ATEX Valeriano can earn a 100% interest in the Valeriano Project, subject to a 2.5% net smelter royalty, by paying a further US$8 million (half of which may be satisfied through the issuance of ATEX Shares, at Valleno's discretion) and by incurring an additional US$5 million of exploration expenditures on the Valeriano Project by August 29, 2025. Upon ATEX Valeriano earning the full 100% interest in the Valeriano Project, Valleno shall transfer its ownership in the Valeriano Project to ATEX...