Business
Fitzroy Minerals Signs Exclusivity Agreement with Ptolemy Mining
(TheNewswire) Vancouver, British Columbia June 27, 2024 – TheNewswire ȁ...
About this update from Fitzroy Minerals Inc
[{"type":"text","content":"Fitzroy Minerals Signs Exclusivity Agreement with Ptolemy Mining\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Vancouver, British Columbia June 27,\n2024\n \n \n –\n \n \n TheNewswire –\n \n \n Fitzroy Minerals Inc. (TSXV: FTZ) (OTCQB: FTZFF)\n(“\n \n \n Fitzroy\nMinerals\n \n \n ” or the “\n \n \n Company\n \n \n ”) is\npleased to announce that it has entered into an exclusivity letter\nagreement (the “\n \n \n Agreement\n \n \n ”) with Ptolemy Mining Limited\n(“\n \n \n Ptolemy\n \n \n ”). Ptolemy, through a wholly-owned subsidiary, is the\nlegal and beneficial holder of the Manto Negro, Buen Retiro and Sierra\nFritis properties located in Chile (the “\n \n \n Properties\n \n \n ” or the\n“\n \n \n Buen Retiro\nProject\n \n \n ”).\n \n \n \n \n Pursuant to the Agreement, Ptolemy has granted the\nCompany an exclusive right for 90 days (the “\n \n \n Exclusivity Period\n \n \n ”) to complete its technical, financial and legal due\ndiligence investigations and to negotiate a definitive acquisition\nagreement to acquire all of the issued and outstanding ordinary shares\nof Ptolemy, or all of the assets of Ptolemy (the “\n \n \n Acquisition\n \n \n ”).\n \n \n \n \n The Company will pay Ptolemy an exclusivity fee of\nUSD$100,000. For the duration of the Exclusivity Period, Ptolemy has\nagreed to deal exclusively with the Company and to cooperate with the\nCompany in connection with its due diligence investigations. Upon\ncompletion of due diligence during the Exclusivity Period, the\nnegotiation of a definitive acquisition agreement may not\nmaterialize.\n \n \n \n \n Merlin Marr-Johnson, President and CEO of Fitzroy\nMinerals commented,\n \n \n \"The Buen Retiro Project offers the opportunity to work on a\npotentially significant IOCG deposit in a copper-rich district in\nChile, the worlds’ leading copper-producing country. There is a real\nshortage of large open pittable copper deposits with excellent\ninfrastructure in established mining jurisdictions. Buen Retiro\nProject, if consummated, offers Fitzroy Minerals shareholders\nsignificant discovery leverage into a copper bull market.\n \n \n \n \n Should the Acqui...