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District Announces Update on Acquisition of Tomtebo Project
District Announces Update on Acquisition of Tomtebo Project Canada NewsWire VANC...
About this update from District Metals Corp.
[{"type":"text","content":"\n\n\n\nDistrict Announces Update on Acquisition of Tomtebo Project\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prnml40{\nMARGIN-LEFT:3.33em\n}\n\n\n\n\n\n\n\nCanada NewsWire\nVANCOUVER, May 8, 2020\n\n\n\nVANCOUVER, May 8, 2020 /CNW/ - District Metals Corp. (TSX-V: DMX; \"District\" or the \"Company\") is pleased to announce that, further to its news release dated February 28, 2020, the Company has received acceptance in principle from the TSX Venture Exchange (the \"TSXV\") of the Company's acquisition of 100% ownership of the Tomtebo and Trollberget properties (together, the \"Properties\") pursuant to the previously announced purchase agreement dated February 27, 2020 (the \"Purchase Agreement\") between the Company and Viad Royalties AB (the \"Seller\"), a wholly-owned subsidiary of EMX Royalty Corp. (TSX-V:EMX) (\"EMX\"). The acquisition of the Properties by the Company is hereinafter referred to as the \"Transaction\".\nClosing of the Transaction is expected to occur on or before June 22, 2020 subject to the terms of the Purchase Agreement and receipt of final acceptance from the TSXV however, trading in the Company's shares is expected to resume on or about May 12, 2020.  \nIn connection with TSXV acceptance of the Transaction, the Purchase Agreement was amended to provide that:\na) the maximum number of shares of the Company (the \"District Shares\") issuable to EMX pursuant to EMX's \"top-up right\" is 11,940,000 District Shares (the top-up right allows EMX to maintain its proportionate shareholding in the Company at no additional consideration until the earlier of the five year anniversary of the closing and completion of a financing raising gross proceeds of at least $3 million); and\nb) the number of District Shares issuable to EMX in full or partial payment of the $275,000 due upon announcement by the Company of each of a mineral resource estimate and preliminary economic assessment, will be calculated using the higher of the 20 day (or such shorter period required by the TSXV or other exchange or quotation system) volume-weighted average price of t...