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Blue Moon Zinc Announces Strategic Transaction with Platina Resources Inc. from Australia
Blue Moon Zinc Announces Strategic Transaction with Platina Resources Inc. from Australia ...
About this update from Blue Moon Metals Inc
[{"type":"text","content":"\n\n\n\nBlue Moon Zinc Announces Strategic Transaction with Platina Resources Inc. from Australia\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\nVANCOUVER, Aug. 27, 2019\n\n\n\nVANCOUVER, Aug. 27, 2019 /CNW/ - Blue Moon Zinc Corp. (TSX.V: MOON; OTC: BMOOF) (\"Blue Moon\" or the \"Company\") announces the signing of a strategic joint venture (the \"Transaction\") where Platina Resources Inc. (ASX: PGM) (\"Platina\") can earn a 70% interest in the Blue Moon polymetallic zinc-gold-copper-silver project in the United States. \nHighlights of the Transaction\nPlatina will participate in a $300,000 private placement in the Company's common shares at $0.05 per share or a 100% premium to the last trading price on the TSX Venture Exchange (\"Private Placement\"). Platina can earn an initial 50% interest (\"Stage 1\") in the Blue Moon property by spending $3.0 million within eighteen months which will include a minimum of 10,000 metres of drilling and metallurgical test work. Platina is required to pay the Company $250,000 in cash or Platina shares prior to completion of Stage 1, at the Company's sole option. Upon Platina earning its initial 50% interest in Stage 1, Platina has 30 days in which to elect to earn an additional 20% interest (\"Stage 2\") in the Blue Moon property by spending $3.75 million within eighteen months which will include the completion of a pre-feasibility study as well as continued drilling, metallurgical test work and environmental and permitting. Platina is required to pay the Company $500,000 in cash or Platina shares prior to completion of Stage 2, at the Company's sole option. Upon Platina earning its 70% interest in the Blue Moon property, the Company has 20 business days to elect for Platina to fund the next $5.0 million in expenditures, including the Company's share of funding (the \"Platina Loan\"). \"We are very pleased to have Platina as our partner and to see the continued development and expansion of the Blue Moon project. The Joint Venture allows the Company to significantly advance the project without ma...