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InZinc Closes Option Agreement and Receives Initial Payment of US$500,000
Vancouver, British Columbia--(Newsfile Corp. - June 2, 2021) - InZinc Mining Ltd. (TSXV: IZN)...
About this update from Inzinc Mining Ltd.
[{"type":"text","content":"InZinc Closes Option Agreement and Receives Initial Payment of US$500,000Vancouver, British Columbia--(Newsfile Corp. - June 2, 2021) - InZinc Mining Ltd. (TSXV: IZN) (\"InZinc\" or the \"Company\") is pleased to announce the closing of the option agreement (the \"Option Agreement\") with American West Metals Limited (\"American West\"), a private Australian company, on June 1, 2021 (the \"Effective Date\"). The Option Agreement was approved by the Company's shareholders at the annual meeting of shareholders held on May 27, 2021 and subsequently approved by the TSX Venture Exchange. American West, having made an initial cash payment of US$500,000 to InZinc, now has an option to earn a 100% interest in InZinc's West Desert project (\"West Desert\") located in Utah, USA. \"By leveraging, through prospective shareholdings in a new and aggressive ASX listed North American copper-zinc metal explorer and receiving a significant stream of cash payments, InZinc will benefit from the ability to self-fund the next exploration activities at our Indy project in British Columbia and generate new growth opportunities for InZinc shareholders,\" commented Wayne Hubert, CEO of InZinc. \"We are looking forward to renewed activities at Indy as well as the Initial Public Offering of American West on the ASX, a successful prefeasibility campaign at West Desert, and programs at American West's Storm Copper and Copper Warrior Projects over the next 24 months.\"Highlights of the Option Agreement include:An initial cash payment of US$500,000 to InZinc (received)Payments to InZinc over 24 months comprising:CDN$1,000,000 within 30 days of American West listing its shares on the Australian Securities Exchange (\"ASX\") through an initial public offering or other going public transaction (\"IPO\") or 12 months after the Effective Date, whichever is earlier;US$1,500,000 upon announcement by American West of a completed Prefeasibility Study for West Desert or 24 months after the Effective Date, whichever is earlier; andCDN$2,500,000 by way of shares of American West. If American West has not completed the IPO on the ASX within 12 months of the Effective Date, InZinc may elect to receive CDN$1,250,000 in cash from American West in lieu of shares. If American West has not completed the IPO on the ASX within 24 months of the Effective Date, InZinc may elect to r...