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Cascadero Copper Corp. Announces Transaction with InCoR Holdings Plc
North Vancouver, British Columbia--(Newsfile Corp. - December 10, 2018) - Cascadero Copper Cor...
About this update from Cascadero Copper Corp.
[{"type":"text","content":"Cascadero Copper Corp. Announces Transaction with InCoR Holdings PlcNorth Vancouver, British Columbia--(Newsfile Corp. - December 10, 2018) - Cascadero Copper Corporation (TSXV: CCD) (the \"Company\") announces that it has executed a binding term sheet whereby InCoR Holdings Plc. (\"InCoR\"), a closely held company at arm's length to the Company, will acquire a 30% interest in Cascadero Minerals Corporation (\"CMC\"), a subsidiary of the Company that holds title to the Company's properties for US$1.5 million (the \"Transaction\"). The purchase price is payable in 3 instalments commencing on January 31, 2019. CMC is held as to 70% by the Company and 30% by Regberg Ltd. and on closing of the Transaction (\"Closing\") the Company will hold 40% and InCoR and Regberg shall each own 30%. The parties will enter into a shareholders agreement, with the Company as operator, which will provide for a pro-rata sharing of the budgeted costs of the exploration and development of the properties. No finder's fee is payable on the Transaction.In connection with the Transaction InCoR has agreed to subscribe for a private placement consisting of 15 million units of the Company to be comprised of a share and a warrant priced in accordance with the policies of the TSX Venture Exchange. Securities issued in the private placement will be subject to a four month hold period.Concurrent with the Closing of the Transaction it is also intended that a new President and CEO of the Company will be appointed and the board of the Company will be reconfigured in a manner mutually acceptable to the Company and InCoR.The Transaction and the private placement are subject to necessary regulatory approvals, and to the negotiation, execution and delivery of definitive legal documents and completion by InCoR of a satisfactory due diligence review of the Company and its assets. The Closing of the Transaction and the private placement is expected to be on or before January 31, 2019.InCoR has agreed to a down payment on the Transaction of US$190,000 (CAD$250,000), which is payable within 30 days and is deductible from the first installment. The deposit is refundable if the Transaction does not close, but only in the event of the failure to satisfy customary conditions precedent.The Company will use the proceeds received from InCoR for general corporate purposes, working ca...