Business
RESTRUCTURING OF THE DEFERRED CONSIDERATION
RESTRUCTURING OF THE DEFERRED CONSIDERATION.
About this update from Cornish Metals Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 9755N\n Cornish Metals Inc.\n 04 October 2021\n \n \n \n \n \n \n \n \n \n \n CORNISH METALS PROVIDES UPDATE ON TSX-V APPROVAL FOR THE RESTRUCTURING OF THE DEFERRED CONSIDERATION PAYABLE FOR THE CORNWALL ASSETS\n \n \n October 4, 2021 \n \n \n \n Cornish Metals Inc.\n \n (TSX-V/AIM: CUSN) (\"Cornish Metals\" or the \"Company\") reports that, further to its news release dated June 30, 2021, the Company wishes to provide an update on its agreement (the \"Side Letter\") with Galena Special Situations Limited (formerly Galena Special Situations Master Fund Limited) (\"Galena\") and Tin Shield Production Inc. (\"Tin Shield\" and together with Galena, the \"Sellers\") to restructure the deferred consideration (the \"Deferred Consideration\") to be paid to the Sellers on the acquisition of the South Crofty tin project and associated mineral rights in 2016 (for further details, please see news releases dated \n \n \n March 17, 2016\n \n \n and \n \n \n June 30, 2021\n \n \n ).\n \n \n The Company received conditional approval from the TSX-V in respect of the Side Letter on August 30, 2021 (the \"TSXV-V Conditional Approval\"). On September 30, 2021, the Company and the Sellers agreed to extend the long stop date set forth the Side Letter for the Company to obtain final TSX-V acceptance from September 30, 2021 to October 29, 2021. The Company is working to provide the supporting documentation as required by the TSX-V Conditional Approval to the TSX-V as soon as practicable. The Company expects to issue the Closing Shares to the Sellers once the applicable documentation has been provided to the TSX-V and final TSX-V acceptance has been obtained. \n \n \n \n \n \n ABOUT CORNISH METALS\n \n \n Cornish Metals completed the acquisition of the South Crofty tin and United Downs copper / tin projects, plus additional mineral rights located in Cornwall, UK, in July 2016 (see Company news release dated \n \n \n July 12, 2016\n \n \n ). The additional mineral rights cover an area of approximately 15,000 hectares and are distributed throughout Cornwall. Some of these mineral rights cover old mines that were historically worked for copper, tin, zinc, and tungsten.\n \n \n For additional information please contact:\n \n \n In North America:\n \n \n Irene Dorsman at (604) 200 6664 or by e-mail at \n \n \n irene@corn...