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IMC International Mining Corp. Enters into Definitive Agreement for the Acquisition of Thane Minerals Inc.
VANCOUVER, BC / ACCESSWIRE / March 19, 2020 / IMC International Mining Corp (CSE: IMCX) (OTC:IMIMF) (FRA:3MX) (the "Company" or "IMC"), is pleased to announce,
About this update from Copper Quest Exploration Inc.
[{"type":"text","content":" VANCOUVER, BC / ACCESSWIRE / March 19, 2020 / IMC International Mining Corp (CSE: IMCX) (OTC:IMIMF) (FRA:3MX) (the \"Company\" or \"IMC\"), is pleased to announce, further to its news release issued February 20, 2020, that it has entered into a definitive agreement to acquire (the \"Acquisition\") 100% of the issued and outstanding share capital of Thane Minerals Inc. (\"Thane\"), which holds a 100% interest in the Cathedral property (the \"Cathedral Project\"), located in north-central British Columbia. Purchase Consideration As consideration for the acquisition of 100% of the issued and outstanding Thane common shares, IMC has agreed to issue to the current shareholders of Thane (the \"Vendors\") an aggregate of $2-million CAD worth of common shares in the capital of IMC at a deemed price of $0.38 per common share, representing 5,263,158 shares (the \"Purchased Shares\"). The Purchased Shares will be escrowed and released over a 36-month period (the \"Purchased Shares\"). In addition to the foregoing, if through additional exploration programs, a resource calculation of at least 800,000,000lbs of copper-equivalent, as determined based on a National Instrument 43-101 (Standards of Disclosure for Mineral Projects) (\"NI 43-101\") compliant resource estimate, is determined to be indicated within the Cathedral Project area, then IMC will issue an additional aggregate of $2-million CAD worth of common shares (or cash in lieu) to the Vendors. In connection with the Acquisition, Mr. Thomas Greg Hawkins will be appointed as a Director and Chairman of the Board of IMC. IMC notes that closing of the Acquisition is subject to certain conditions, including completion of a satisfactory due diligence review by IMC. Property Details The Cathedral Project covers 206.58km2 (51,047 acres) and is situated in north-central British Columbia. The property is located within the Quesnel Terrane along the northeast contact of the Hogem Batholith, an alkalic suite of rocks hosting porphyry copper-gold deposits. The northern part of the Quesnel Terrane extends from south of the Mt. Milligan Mine northward to the Kemess Mine, with the Cathedral property located midway between these two copper-gold porphyry deposits. \"The Mount Milligan copper-gold porphyry deposit contains a combined Measured and Indicated Mineral Resource of 243.9 million tonnes ...