Business
Canadian Critical Minerals Inc. Sells Controlling Interest in Thierry Copper Mine
Calgary, Alberta--(Newsfile Corp. - October 4, 2023) - Canadian Critical Minerals Inc. (TSXV: CC...
About this update from Canadian Critical Minerals Inc
[{"type":"text","content":"Canadian Critical Minerals Inc. Sells Controlling Interest in Thierry Copper MineCalgary, Alberta--(Newsfile Corp. - October 4, 2023) - Canadian Critical Minerals Inc. (TSXV: CCMI) (OTCQB: RIINF) (\"CCMI\" or the \"Company\") hereby announces that it has sold controlling interest in its subsidiary company Pickle Lake Minerals Inc. (\"Pickle Lake\") which holds a 100% interest in the Thierry Copper Mine (\"Thierry\"), located in Pickle Lake, Ontario to Orecap Invest Corp. (\"Orecap\") (TSXV: OCI) (OTCQB: ORFDF). CCMI will retain a 39% interest in the property.Terms of the AcquisitionOrecap will acquire a 45% interest in Pickle Lake for $1,350,000 in an upfront all-cash deal. CCMI will receive 3,000,000 share purchase warrants of Pickle Lake with the following terms: 1,000,000 warrants with an exercise price of $0.10 per common share of Pickle Lake and exercisable for a period of one year from closing of the transaction (\"Closing Date\"), 1,000,000 warrants with an exercise price of $0.15 per common share of Pickle Lake and exercisable for a period of two years from Closing Date, and 1,000,000 warrants with an exercise price of $0.20 per common share of Pickle Lake and exercisable for a period of three years from Closing Date. Additionally, CCMI is entitled to receive milestone payments from Pickle Lake of $500,000 should the current near surface NI 43-101 Resource at Thierry be increased to 100 million tonnes and/or 1.0 billion lbs of copper and an additional $250,000 should the current near surface NI-43-101 Resource at Thierry be increased to 150 million tonnes and/or 1.5 billion lbs of copper.Concurrently, QC Copper will acquire 10% of Pickle Lake for $300,000 in an upfront all-cash deal.Ocean Partners will acquire 6% of the common shares of Pickle Lake. Cash proceeds from Orecap and QC Copper will be used to discharge the current US$1.0 million loan with Ocean Partners UK (\"Ocean\") that is secured against the assets of CCMI's Bull River Mine in British Columbia.Rationale for the Sale of a Controlling Interest in ThierryProceeds from the sale of a 61% interest in Pickle Lake will provide the Company with sufficient cash to discharge the secured loan at Bull River and eliminate future interest payments to Ocean.The sale is non-dilutive to CCMI shareholders and will allow the Company to focus on advancing its flagship Bull Ri...