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C3 Metals Completes Acquisition of 100% Interest in Flagship Jasperoide Copper-Gold Project, Peru
Toronto, Ontario--(Newsfile Corp. - October 18, 2021) - C3 Metals Inc. (TSXV: CCCM) ("C3 Met...
About this update from C3 Metals Inc.
[{"type":"text","content":"C3 Metals Completes Acquisition of 100% Interest in Flagship Jasperoide Copper-Gold Project, PeruToronto, Ontario--(Newsfile Corp. - October 18, 2021) - C3 Metals Inc. (TSXV: CCCM) (\"C3 Metals\" or the \"Company\") is pleased to announce that it has completed the previously announced acquisition of 100% of Hochschild Mining PLC's (\"Hochschild\") interest in the Company's flagship Jasperoide Copper-Gold Project1, Peru held by Compañia Minera Ares S.A.C. (\"Ares\"), a wholly owned subsidiary of Hochschild (the \"Acquisition\"). In connection with the Acquisition, the Company issued 25,001,540 common shares to Ares. The common shares are subject to contractual resale restrictions providing that the common shares may only be sold, transferred, optioned, encumbered, pledged or hypothecated in any way, except as follows: (i) as to 25% on the date which is four months from the date of issuance; (ii) as to 25% on the date which is eight months from the date of issuance; and (iii) as to 50% on the date which is 12 months from the date of issuance. The Company also entered into a royalty agreement with Ares that provides for a 1.5% net smelter returns (\"NSR\") royalty in respect of the Hochschild Jasperoide mineral concessions subject to the right of the Company to purchase 1% of the NSR (thereby reducing the NSR to 0.5%) for a price of US$1,000,000 at any time, replacing the previously granted 1.5% net smelter returns royalty that had no buy back provision. Kevin Tomlinson, C3 Metals' CEO stated, \"We are very pleased to have simplified ownership of the Jasperoide Project in the highly-prospective southern district of Peru. Acquiring 100% of Hochschild's interests allows C3 Metals the flexibility to explore and develop at pace and we welcome Hochschild to our register.\"For additional information, contact: Kevin TomlinsonPresident & [email protected] RowlandsVice President, Investor Relations+1 416 572 2512 [email protected] C3 METALS INC.C3 Metals Inc. is a Canadian-based exploration company focused on the discovery and development of large copper-gold deposits with properties in Peru, Jamaica and Canada.The Company's flagship project is the Jasperoide high-grade copper-gold skarn and porphyry system located in the prolific Andahuaylas-Yauri Mineral Belt of southern Peru. Mineralization at Jasperoide i...