Business
Remo Resources Announces Proposed Reverse Take Over With Chakana Copper Corp.
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct. 6, 2017) - Remo Resources Inc. (TSX VENTURE:RER) (the "Company" or "Remo"), a Tier 2 mining issuer listed on th
About this update from Chakana Copper Corp.
[{"type":"text","content":"VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct. 6, 2017) - Remo Resources Inc. (TSX VENTURE:RER) (the \"Company\" or \"Remo\"), a Tier 2 mining issuer listed on the TSX Venture Exchange (the \"Exchange\"), is pleased to announce that it has signed an Amalgamation Agreement dated October 5, 2017 (the \"Agreement\") with Chakana Copper Corp. (\"Chakana\"), a private British Columbia corporation, whereby Remo will acquire all of the outstanding shares of Chakana (the \"Proposed Transaction\") in exchange for common shares of Remo. Chakana indirectly, through its wholly-owned Peruvian subsidiary Chakana Resources S.A.C., owns the rights, pursuant to an option agreement, to acquire the Soledad copper gold project (the \"Soledad Project\") located in Peru. The Soledad Project consists of three mineral exploration concessions, comprising 1139 hectares. About Chakana Chakana was incorporated under the provisions of the Business Corporations Act (British Columbia) on December 1, 2016 and currently has 41,306,167 common shares issued and outstanding and share purchase warrants outstanding to purchase up to an additional 12,122,434 common shares. Chakana's primary business is copper and gold mineral exploration on the Soledad Project. Chakana is at arm's length to Remo. Chakana owns 99.99% of the issued and outstanding shares of Chakana Resources S.A.C. a Peruvian company, that in turn owns the rights to acquire 100% of the Soledad Project pursuant to an assignment and option agreement (the \"Option Agreement\") dated April 17, 2017 and entered into between Chakana Resources S.A.C. and Minera Vertiente Del Sol S.A.C. a wholly owned subsidiary of Condor Resources Inc. Pursuant to the Option Agreement, Chakana Resources S.A.C can acquire 100% of the Soledad Project in consideration for: completing 12,500 m of drilling on the Soledad Project; making cash payments totaling US$5.375mm; issuing 500,000 common shares to Condor Resources Inc.; and granting Condor Resources Inc. a 2% Net Smelter Return on any mineral production from the Soledad Project, subject to Chakana's right to buy back 50% of this Net Smelter Return at any time for US$2,000,000. Soledad Project The Soledad Project is located in the Cordillera Negra, or western ranges of the Andes Mountains 260 kilometres north-northwest of the City of Lima, Perú. Contemporary exploration at ...