Allied Copper Acquires Option to Acquire 100% Interest of Klondike Property, CO, USA

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[{"type":"text","content":"Allied Copper Acquires Option to Acquire 100% Interest of Klondike Property, CO, USAVancouver, British Columbia--(Newsfile Corp. - February 3, 2022) - Allied Copper Corp. (TSXV: CPR) (OTCQB: CPRRF) (the \"Company\" or \"Allied Copper\"), is pleased to announce that further to its press release of December 7, 2021, and pursuant to an option agreement (the \"Option Agreement\") dated December 3, 2021 between the Company, Cloudbreak Discovery PLC (\"Cloudbreak\"), Cloudbreak Discovery (Canada) Ltd. (\"Cloudbreak Subco\"), Tarsis Resources US Inc. (\"Tarsis\") and Alianza Minerals Ltd. (\"Alianza\" together with Cloudbreak Subco and Tarsis, the \"Optionors\"), as amended February 1, 2022, the Company was granted an option (the \"Option\") to acquire the Klondike Property (\"Klondike\"), located in Colorado, United States. The Klondike Property consists of 76 unpatented mining claims, a State of Colorado Exploration Permit and an exclusive right to a State lease.Under the terms of the Option Agreement, the Company may exercise the Option to acquire a 100% interest in Klondike in exchange for:Incurring an aggregate of $4,750,000 in exploration expenditures on Klondike over a period of four years, with at least CAD $500,000 to be spent prior to the first anniversary of the closing date;Making an aggregate of $400,000 in cash payments to Cloudbreak Subco and Alianza in accordance with their pro rata interest over a period of four years; Issue and aggregate of 7,000,000 common shares (the \"Common Shares\") in the capital of the Company to Cloudbreak Subco and Alianza in accordance with their pro rata interest prior to the second anniversary of the closing of the transaction (the \"Closing Date\");Issue an aggregate of 3,000,000 Common Share purchase warrants (the \"Option Warrants\") to Cloudbreak Subco and Alianza in accordance with their pro rata interest, on the third anniversary of the date of the Option Agreement. Each Option Warrant entitled the holder thereof to acquire one Common Share for a period of three years from the date of issuance of such Option Warrant at an exercise price of the greater of: (i) $0.23; and (ii) the 10-day volume weighted average sale price (the \"VWAP\") of the Common Shares in such date or during the applicable time period on the principal securities exchange on which such shares are then listed. The V...

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