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Stillwater Critical Minerals Receives Payment from Heritage Mining Under Terms of Earn-In Agreement for Drayton-Black Lake Gold Project in Ontario
VANCOUVER, BC / ACCESS Newswire / January 28, 2025 / Stillwater Critical Minerals Corp. (TSXV...
About this update from Stillwater Critical Minerals Corp
[{"type":"text","content":"Stillwater Critical Minerals Receives Payment from Heritage Mining Under Terms of Earn-In Agreement for Drayton-Black Lake Gold Project in OntarioVANCOUVER, BC / ACCESS Newswire / January 28, 2025 / Stillwater Critical Minerals Corp. (TSXV:PGE)(OTCQB:PGEZF)(FSE:J0G) (the \"Company\" or \"Stillwater\") announces it has filed an Early Warning Report related to its updated holdings of 15,350,000 common shares of Heritage Mining Ltd. (\"Heritage\") (CSE: HML) which represents approximately 13.3% of the total issued and outstanding shares of Heritage. In addition, the Company holds 3,000,000 share purchase warrants which, if exercised, would bring Stillwater's ownership to 15.5% on a partially diluted basis. These securities were issued to Stillwater in addition to past cash payments and the completion of over $2.5M in exploration work as required to satisfy the commitments for a 51% earn-in to the Company's Drayton - Black Lake project per the Definitive Earn-In Agreement (the \"Agreement\") announced November 29, 2021, as amended.The Heritage shares are held directly by Stillwater for investment purposes. Additional share payments to Stillwater are required under the Agreement and the Company may in the future take such actions in respect of its shares as it deems appropriate in light of the market circumstances then existing including the sale of all or a portion of such holdings in the open market or in privately negotiated transactions to one or more purchasers.There are no persons acting jointly or in concert with Stillwater with respect to the shareholdings in Heritage, nor has the Company entered into any agreements in respect of its shareholdings in Heritage with any person with which Stillwater acts jointly or in concert.This news release is being issued in accordance with National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues in connection with the filing of an early warning report. The early warning report respecting the acquisition will be filed on the System for Electronic Document Analysis and Retrieval (\"SEDAR+\") at www.sedarplus.ca.HighlightsThe Agreement provides Stillwater with significant exposure to an advancing high-grade gold project, while allowing it to focus on its Stillwater West critical minerals project in Montana.Under the Agreement, Heritage can ea...