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TriMetals Mining and Wealth Minerals Enter into Definitive Share Purchase Agreement to Sell Escalones Copper-Gold Porphyry Project to Wealth Copper
VANCOUVER, BC / ACCESSWIRE / June 3, 2019 / TriMetals Mining Inc. (TSX: TMI) (the "Company...
About this update from Gold Springs Resource Corp.
[{"type":"text","content":"TriMetals Mining and Wealth Minerals Enter into Definitive Share Purchase Agreement to Sell Escalones Copper-Gold Porphyry Project to Wealth CopperVANCOUVER, BC / ACCESSWIRE / June 3, 2019 / TriMetals Mining Inc. (TSX: TMI) (the \"Company\" or \"TMI\") is pleased to announce that, further to its news releases of December 4, 2018 and April 5, 2019, TMI and its wholly-owned subsidiary, Escalones Resource Corp. (\"ERC\"), have entered into a definitive share purchase agreement (the \"Share Purchase Agreement\") with Wealth Minerals Ltd. (\"Wealth\") and its wholly-owned subsidiary, Wealth Copper Ltd. (\"Wealth Copper\"), pursuant to which Wealth Copper has agreed to acquire from ERC all of the issued and outstanding shares of TMI's subsidiaries SASC Metallurgy Corp. and Escalones Copper Corp. (the \"Purchased Shares\"), and thereby 100% of TMI's interest in and to the mineral exploitation concessions and the mineral exploration concessions (the \"Escalones Exploration Concessions\") and related assets that comprise the Escalones copper-gold porphyry project in Chile (the \"Escalones Project\").Matias Herrero, President & CEO of TMI commented, \"We are very pleased to be partnering with Wealth Minerals, and to leverage their technical and financial expertise to advance the exploration and development of the Escalones Project\".As consideration to TMI for the purchase of the Escalones Project, Wealth Copper will (i) issue 25,000,000 common shares in its capital (each, a \"Wealth Copper Share\"), (ii) pay an aggregate of Cdn$1,000,000 in cash (the \"Cash Consideration\") and (iii) grant a 2% net smelter returns royalty payable on production from those mining rights or exploitation concessions that supersede or shall derive from the Escalones Exploration Concessions if the price of copper is greater than US$0.75 per pound or a 1% net smelter returns royalty if the copper price is equal to or less than US$0.75 per pound (the \"Royalty\"). The Royalty shall be subject to a buyback right pursuant to which the Royalty may be purchased for US$3 million at any time during the 5 years following the first sale of minerals produced from such mining rights or exploitation concessions, and US$5 million after such 5 year period. The 25,000,000 Wealth Copper Shares held by TMI, together with the 25,000,000 Wealth Copper Shares held by Wealth, w...