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InZinc Adjusts West Desert Option Agreement - Payment Terms Unchanged
Vancouver, British Columbia--(Newsfile Corp. - October 27, 2021) - InZinc Mining Ltd. (TSXV: ...
About this update from Inzinc Mining Ltd.
[{"type":"text","content":"InZinc Adjusts West Desert Option Agreement - Payment Terms UnchangedVancouver, British Columbia--(Newsfile Corp. - October 27, 2021) - InZinc Mining Ltd. (TSXV: IZN) (\"InZinc\" or the \"Company\") announces it has agreed to a further revision (the \"Second Amendment Agreement\") of the West Desert option agreement (the \"Original Agreement\"), as amended on September 25, 2021 for the acceleration of the payments and earn-in terms (the \"First Amendment Agreement\", see News Release 2021-11) with American West Metals Limited (\"American West\"), a private Australian company. This revision does not affect the amount of cash or shares due to InZinc or the timing of such payments. An amendment to the total number of shares issued by American West in its IPO is the only revision to the Agreement and all other terms remain in full force and effect.Under the terms of the Original Agreement, as modified by the First Amendment Agreement:If, on or before June 1, 2022 (or such later date as the parties may agree to in writing), American West does not receive applications pursuant to the IPO for the issue of not less than 85,000,000 shares of American West at an issue price of AUD$0.20 per share for minimum proceeds of AUD$17,000,000; or ASX conditional approval to admit its securities to the official list of the ASX, the Amendment Agreement will be of no force and effect and the terms of the Original Agreement will be restored, including payment by American West to the Company of CDN$1,000,000 by June 1, 2022 to continue with the terms of the Original Agreement.Under the terms of the Second Amendment Agreement:If, on or before June 1, 2022 (or such later date as the parties may agree to in writing), American West does not receive applications pursuant to the IPO for the issue of not less than 55,000,000 shares of American West at an issue price of AUD$0.20 per share for minimum proceeds of AUD$11,000,000; or ASX conditional approval to admit its securities to the official list of the ASX, the Amendment Agreement will be of no force and effect and the terms of the Original Agreement will be restored, including payment by American West to the Company of CDN$1,000,000 by June 1, 2022 to continue with the terms of the Original Agreement.The West Desert option agreement resulted or will result in payments to InZinc of:non-refundable cash paym...