Business
Baker Steel Executes Definitive Agreement to Convert Loan
VANCOUVER, BC / ACCESSWIRE / May 10, 2022 / AZARGA METALS CORP. (" Azarga Metals " or the " ...
About this update from Azarga Metals Corp.
[{"type":"text","content":"Baker Steel Executes Definitive Agreement to Convert LoanVANCOUVER, BC / ACCESSWIRE / May 10, 2022 / AZARGA METALS CORP. (\"Azarga Metals\" or the \"Company\") (TSXV:AZR) is pleased to announce that it has executed a definitive agreement (the \"Agreement\") to supersede the binding letter of intent with Baker Steel Resources Trust Limited (\"BSRT\") announced on April 19, 2022. BSRT has agreed, subject to receipt of all required regulatory approvals, to convert the US$3.5 million loan between Azarga Metals and BSRT at a fixed Canadian dollar equivalent value of C$4.7 million, with a conversion price of C$0.10 per share for a total issue of 46,925,500 common shares of the Company (the \"Shares\").Pursuant to the Agreement, Azarga Metals has, amongst other things, granted BSRT the option to acquire the Unkur project (the \"Unkur Option\") until December 31, 2023, after which the Unkur Option will automatically expire. Closing of the Agreement is subject to receipt of regulatory approval and standard closing conditions.Marg ProjectThe Company owns 100% of the high-grade copper-rich VMS Marg project within the Keno Hill Silver District of the Yukon Territory. As previously announced, the Company is reviewing and re-interpreting the historic VTEM database of the airborne geophysical program to be used to refine the drill targets for the Company's planned 2022 exploration program. Drilling is expected to focus on the Marg deposit extensions and the highly prospective Jane Zone, which has the potential for another Marg-style deposit. Mineralization at the Marg project remains open along strike, down-dip and down plunge and drilling will be aimed at defining 14 to 15 million tonnes of mineralized material.Planning for the 2022 exploration program has commenced. The program will begin with rebuilding the exploration camp and mobilizing equipment in June, drilling from July to September and disseminating drill results as available from September to November. An experienced geologist in VMS deposits and a full-service contractor has been engaged to execute and oversee this plan.AZARGA METALS CORP.\"Gordon Tainton\"Gordon Tainton,President and CEOFor further information please contact: Doris Meyer, at +1 604 536-2711 ext. 3 or visit www.azargametals.com. The address of the head office of Azarga Metals is Unit 1 - 15782 Marine Drive, White R...