Business
Cosa Resources Exercises Option to Acquire a 100% Interest in the Heron Copper Project
Vancouver, British Columbia – TheNewswire - May 13th, 2022 – Cosa Resources Corp. (CSE:COSA) (“Cosa Resources” or the “Company”) is pleased to announce that it
About this update from Cosa Resources Corp.
[{"type":"text","content":"Vancouver, British Columbia – TheNewswire - May 13th, 2022 – Cosa Resources Corp. (CSE:COSA) (“Cosa Resources” or the “Company”) is pleased to announce that it has, on an accelerated basis, exercised its option (the “Heron Option”) to acquire a 100% interest in the Heron Copper Project (the “Heron Project”) from the current land holders (the “Heron Vendors”). Keith Bodnarchuk, President & CEO, commented: “Having now met the terms of the Heron Option Agreement, we are excited to officially take 100% ownership of the project. Since completing the IPO in March, Cosa Resources has remained very active in creating value for stakeholders. Securing 100% ownership of Heron is another value accretive step. The Company is in a solid financial position with $2.4 million in the treasury to continue exploration in the mining-friendly jurisdiction of Saskatchewan.” Pursuant to the terms of the Heron Option agreement, Cosa Resources has issued an additional 1,000,000 common shares of the Company (the “Option Shares”) to the Heron Vendors and satisfied its obligation to incur a minimum of $100,000 in eligible exploration expenditures on the Heron Project. The Heron Vendors will retain a 2% Net Smelter Return Royalty (the “NSR”) on the Heron Project. Cosa Resources will have the right to repurchase one-half of the NSR for $2 million in cash, and the remaining one-half of the NSR for $5 million in cash. In addition to any resale restrictions imposed by applicable securities law, the Option Shares are subject to a 24-month hold period with 25% being released every three months commencing on August 13, 2023. About the Heron Project The Heron Project is a copper exploration project located in Northern Saskatchewan, approximately 180 kilometres north of La Ronge. The Project is comprised of three mineral claims totaling 11,122 hectares and is immediately adjacent to the Janice Lake Copper Property, a highly prospective sedimentary-hosted copper project owned by Forum Energy Metals Corp. and currently under option to Rio Tinto Exploration Canada. All claims at Heron are within 30 kilometres of the newly constructed Janice Lake trail, and a high-voltage powerline runs within 4 kilometres of the central mineral claim. Heron covers an underexplored area underlain by Wollaston Group sandstones which host the stratabound sedim...