Business
Agreement
Agreement.
About this update from Chesterfield Resources Plc
[{"type":"text","content":"\n \n \n Chesterfield Resources PLC / EPIC: CHF / Market: LSE / Sector: Mining\n \n \n \n \n \n \n \n \n \n \n \n 6 March 2023\n \n \n \n \n \n \n \n \n \n CHESTERFIELD RESOURCES PLC\n \n \n \n \n (\"Chesterfield\" or the \"Company\")\n \n \n \n \n \n \n \n Adeline Project is optioned to Canadian explorer Sterling Metals in exchange for cash and shares.\n \n \n \n \n \n \n \n \n \n Chesterfield Resources plc is pleased to announce that it has signed an agreement with Sterling Metals (TSXV: SAG,, OTC:SAGGF), a TSX-V and OTCQB listed exploration company with regard to Chesterfield's Adeline project in Labrador. According to the agreement Sterling Metals will purchase an option to acquire full ownership and rights over the project in exchange for a series of payments of cash and shares. As a result, Chesterfield will become a significant shareholder in Sterling, giving Chesterfield shareholders a stake both in the upside of the Adeline property and Sterling's 100% owned high grade, district scale, Sail Pond silver-polymetallic property located approximately 500km from Adeline.\n \n \n \n \n \n The main elements of the agreement are as follows:\n \n \n \n \n \n 1) Sterling will pay a total of CAD$800,000 (£490,000) in three separate payments: CAD$100,000 (£62,250) with immediate effect, and CAD$300,000 (£183,750) following receipt of permission from the TSX-V authorities to complete the deal, and a final CAD$400,000 (£230,000) to be paid on or before 30 November 2024.\n \n \n 2) \n Sterling will issue a total of 9m shares to Chesterfield in two equal lots of 4.5m, the first following and subject to receipt of permission from the TSX-V authorities to complete the deal, and the second tranche to be issued on or before 30 November 2024.\n Chesterfield's ability to sell its shares in Sterling will be restricted according to certain terms detailed in the agreement.\n \n \n 3) The final CAD$400,000 and the second tranche of 4.5m shares are payable should Sterling decide to exercise its option to acquire the Adeline licences at any time prior to 30 November 2024.\n \n \n \n \n \n Sterling Metals is a listed exploration company with with a market capitalization of CAD17.35m (£10.65m), it is the holder of\n \n \n the Sail Pond project a 135km2 set of lic...