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Coloured Ties Announces Approval of Option Agreement with Superior, Grant of Options and Closing of Substantial Issuer Bid
Vancouver, British Columbia--(Newsfile Corp. - January 27, 2023) - Coloured Ties Capital Inc. (TS...
About this update from Coloured Ties Capital Inc
[{"type":"text","content":"Coloured Ties Announces Approval of Option Agreement with Superior, Grant of Options and Closing of Substantial Issuer BidVancouver, British Columbia--(Newsfile Corp. - January 27, 2023) - Coloured Ties Capital Inc. (TSXV: TIE) (\"CTI\" or the \"Company\") announces that, further to its news release on December 7, 2022, it has obtained conditional approval from the TSX Venture Exchange (the \"TSXV\") with respect to the option agreement, as amended on January 16, 2023, (the \"Option Agreement\") entered into between Quebec Pegmatite Corporation (\"QPC\"), a majority-owned subsidiary of the Company, and Superior Mining International Corporation (\"Superior\"), whereby Superior has the option to earn a 100% interest in the Vieux Comptoir Lithium Property (the \"Property\"). Superior has made the initial deposit of $7,500 and confirmed it intends to exercise its Option. Under the terms of the Option Agreement, Superior may exercise the option to acquire 100% interest in the Property upon the issuance to QPC of the following share issuances: 7,000,000 common shares of Superior (the \"Superior Shares\") upon receipt of approval of the TSXV; 3,500,000 Superior Shares payable on the one year anniversary of the Option Agreement; and 3,500,000 Superior Shares payable on the eighteen month anniversary of the Option Agreement. The Option Agreement remains subject to the final approval of the TSXV, including the receipt from Superior of a National Instrument 43-101 technical report in respect of the Property by February 28, 2023. Pursuant to the terms of the Option Agreement, in the event Superior exercises its option in full and acquires the Property, Superior shall grant QPC a 3.0% net smelter return royalty (the \"NSR Royalty\") and the NSR Royalty may be reduced to 1.5% upon Superior making a cash payment of $3,000,000 to QPC.Issuance of Option GrantsThe Company is pleased to announce that it has granted an aggregate of 250,000 options (the \"Options\") to a consultant of the Company pursuant to the Company's stock option plan dated for reference August 18, 2022 (the \"Plan\"). The Plan was approved by the shareholders of the Company on September 23, 2022. The Options shall vest immediately. The Options are subject to the terms of the Plan.Substantial Issuer BidFurther to the Company's news release on January 18, 2023, the Company confi...