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Braveheart Resources and Cadillac Ventures Enter Share Purchase Amending Agreement for the Purchase and Sale of Thierry Mine Project and Cadillac Terminates Earn-In Option Agreement with Northern Fox Resources
Calgary, Alberta and Toronto, Ontario--(Newsfile Corp. - December 18, 2020) - Braveheart Resou...
About this update from Canadian Critical Minerals Inc
[{"type":"text","content":"Braveheart Resources and Cadillac Ventures Enter Share Purchase Amending Agreement for the Purchase and Sale of Thierry Mine Project and Cadillac Terminates Earn-In Option Agreement with Northern Fox ResourcesCalgary, Alberta and Toronto, Ontario--(Newsfile Corp. - December 18, 2020) - Braveheart Resources Inc. (TSXV: BHT) (OTCQB: RIINF) (\"Braveheart\") and Cadillac Ventures Inc. (TSXV: CDC) (OTC: CADIF) (\"Cadillac\") are pleased to announce that they have amended the definitive share purchase agreement (the \"Definitive Agreement\") with respect to the previously announced (see Braveheart press release of August 18, 2020) purchase by Braveheart of a 100% interest in the Thierry Mine Project (the \"Thierry Project\") near Pickle Lake, Ontario from Cadillac (see Cadillac press releases of August 18, 2020, October 21, 2020 and November 12, 2020).The Definitive Agreement for Braveheart to purchase all the shares of Cadillac Ventures Holdings Inc., Cadillac's wholly-owned subsidiary which owns the Thierry Project, is being amended to provide that the amount of the purchase price shall be an aggregate of (1) $275,000 cash to Cadillac on the closing date, which represents an unchanged $300,000 net of the $25,000 advanced; (2) Braveheart will issue 11,000,000 Braveheart common shares (reduced from 13,500,000 shares) to Cadillac on the closing date; (3) Braveheart will issue up to an additional 2,500,000 Braveheart common shares following delivery of the pending Updated Rehabilitation Plan to the Ministry of Energy, Northern Development and Mines of Ontario (\"MENDM\") for Thierry, with the number of potential Braveheart shares to be reduced from 2,500,000 based on 50% of the amount of additional financial assurance that needs to be posted with MENDM, above the $400,000 as reflected in such plan and using the closing price of the BHT Shares on the date of the Updated Rehabilitation Plan, and Cadillac shall also reimburse Braveheart in cash to the extent that the additional financial assurance exceeds the value of the 2,500,000 Braveheart common shares; and (3) the 2% NSR Royalty grant is unchanged. The Thierry Project is a past-producing copper and nickel mine located approximately 15 km west of Pickle Lake, Ontario and accessible on a year-round basis by paved and all-weather roads. The property is approximately 4,700 hectares in siz...