Business
Canadian Chrome Company Amends Agreement to Acquire Board Control of Magpie Mines Which Holds Large Vanadium and Titanium Deposits in Quebec
Toronto, Ontario--(Newsfile Corp. - August 14, 2023) - KWG Resources Inc. (CSE: CACR) (CSE: CACR.A), which carries on business as The Canadian Chrome Company ("
About this update from Canadian Chrome Company Inc.
[{"type":"text","content":" Toronto, Ontario--(Newsfile Corp. - August 14, 2023) - KWG Resources Inc. (CSE: CACR) (CSE: CACR.A), which carries on business as The Canadian Chrome Company (\"CCC\", \"KWG\" or the \"Company\") (The Canadian Chrome Company is a registered business style of KWG Resources Inc.) announces that its agreement to acquire (the \"Acquisition\") all of the issued and outstanding special shares of The Magpie Mines Inc. (\"Magpie Mines\") (please see the Company's news release of July 31, 2023) has been amended to provide for the Company to set the first closing date (the \"First Closing Date\") on not less than thirty (30) days' notice to the Vendors, such First Closing Date to be on or before July 28, 2024. As the Company believes that the first closing may be material to the shareholders of KWG and of Magpie Mines, when the Company sets the First Closing Date the Company intends to publish advance notice at least 21 days prior to such First Closing Date. A majority of the special shares have the right to elect a majority of the Board of Directors of Magpie Mines. As a term of the Acquisition, following the First Closing Date metallurgical researcher and advisor Fouad Kamaleddine, Ph.D., and renowned exploration pioneer Peter H. Smith, Ph.D., will continue their incumbency as the directors of Magpie Mines at the pleasure of the Company to supervise the management of the business and affairs of Magpie Mines, including with respect to the activities of the Operator or a new Operator to be appointed, on development of the four known deposits and on development of the metallurgy for recovering the ultra-high-strength strategically critical minerals hosted in the deposits. The four deposits are contained within one project located approximately 130 km north-northwest of Havre St. Pierre in the North Shore area of the St. Lawrence River in the Province of Quebec. Rio Tinto's Lac Tio Mine is in the same general area, being approximately 43 kilometers northeast of Havre St. Pierre in Quebec. Drs. Smith and Kamaleddine (each a \"Vendor\") have each agreed to exchange their Magpie Mines special shares for consideration payable in two parts. Initially on the First Closing Date, KWG will pay $1,000,000 to each Vendor payable, at the option of each Vendor, in (a) convertible debentures having a maturity date (the \"Maturity Date\") of the earlier ...