Business
Corcel Exploration Announces Extension Agreement for Peak Property Option Agreement
Kelowna, British Columbia--(Newsfile Corp. - July 25, 2023) - Corcel Exploration Inc. (CSE: CRCL) (the "Company") is pleased to announce that it has reached a b
About this update from Corcel Exploration, Inc.
[{"type":"text","content":" Kelowna, British Columbia--(Newsfile Corp. - July 25, 2023) - Corcel Exploration Inc. (CSE: CRCL) (the \"Company\") is pleased to announce that it has reached a binding agreement (the \"Amending Agreement\") with Chrisopher R. Paul and Oliver Friesen (collectively, the \"Optionors\") to amend the terms of the letter agreement dated August 4, 2020 between the Company and the Optionors (the \"Option Agreement\"), relating to the Peak Mineral Property in British Columbia, Canada (the \"Property\"). Under the Option Agreement, the Company had to incur an aggregate of $250,000 in exploration expenses on the Property, including $100,000 before December 31, 2020 (the \"First Milestone\") and $150,000 by July 20, 2023 (the \"Second Milestone\"). The Company satisfied the First Milestone in accordance with the terms of the Option Agreement and the parties have agreed to extend and amend the terms of the Option Agreement to provide that the Company may complete the exercise of the option by incurring the exploration expenses required for the Second Milestone before July 20, 2024. Pursuant to the Amending Agreement and in consideration of extending and amending the terms of the Option Agreement, the Company will issue an aggregate of 1,000,000 common shares in the capital of the Company (each, a \"Common Share\") to the Optionors. Oliver Friesen, an Optionor, is a director of the Company and accordingly the Amending Agreement constitutes a \"related party transaction\" as defined under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions (\"MI 61-101\"). The related party transaction is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 based on the fact that the fair market value of the Common Shares to be issued pursuant to the Amending Agreement does not exceed 25% of the Company's market capitalization. About Corcel Exploration Inc. The Company is a mineral resource company engaged in the acquisition and exploration of mineral resource properties. Its objective is to locate and develop precious metals, focusing initially on the exploration and development of the Property. The Company holds an option to acquire a 100% undivided right, title, and interest in and to the Property. From time to time the Company may also evaluate and acquire other mineral ...