Business
Cullinan Metals Receives Exchange Approval for Option Agreement to Acquire Oculus Rare Earth and Burnt Pond VMS Projects
Vancouver, B.C. – TheNewswire - May 06, 2026 ‐ Cullinan Metals Corp. (CSE: CMT) (OTCQB: CMTNF) (the “Company” or “Cullinan”) is pleased to announce that, furthe
About this update from Cullinan Metals Corp
[{"type":"text","content":"Vancouver, B.C. – TheNewswire - May 06, 2026 ‐ Cullinan Metals Corp. (CSE: CMT) (OTCQB: CMTNF) (the “Company” or “Cullinan”) is pleased to announce that, further to its news release dated April 24, 2026, the Company has received approval from the Canadian Securities Exchange for the Company’s entry into the option agreement dated April 24, 2026 (the “Agreement”) with VOA Exploration Inc. (the “Optionor”), pursuant to which it received an option (the “Option”) to acquire 100% interest in the Oculus Rare Earth Project (“Oculus Project”) in Central Labrador and the Burnt Pond Volcanic Massive Sulphide (“VMS”) Project (“Burnt Pond Project”, and together with the Oculus Project, the “Projects”) in Central Newfoundland. Transaction Summary On April 24, 2026, the Company entered into the Agreement to acquire the Option from the Optionor to earn a one hundred percent (100%) interest in and to the Oculus Project and Burnt Pond Project through a combination of cash payments, common share issuances and exploration expenditures on the Oculus Project and Burnt Pond Project as follows: Making aggregate cash payments to the Optionor of $675,000, as follows: $50,000 within ten (10) business days following the execution of the Agreement; $125,000 on or before the first anniversary of the Agreement; $200,000 on or before the second anniversary of the Agreement; and $300,000 on or before the third anniversary of the Agreement; Issuing to the Optionor an aggregate of up to 5,250,000 common shares in the capital of the Company (“Shares”) at a deemed price per Share equal to the prevailing market price at the time of the issuance, as follows: 750,000 Shares within ten (10) business days following the execution of the Agreement; the lesser of (A) 1,000,000 Shares; and (B) such number of Shares that would result in the Optionor holding 19.99% of the issued and outstanding Shares immediately following such issuance of Shares, on or before the date that is thirteen (13) months following the execution of the Agreement; the lesser of (A) 1,500,000 Shares; and (B) such number of Shares that would result in the Optionor holding 19.99% of the issued and outstanding Shares immediately following such issuance of Shares, on or before the date that is 24-months following the execution of the Agreement; the lesser of...