Business
Essex And KNX Resources Revise Purchase Terms
Essex And KNX Resources Revise Purchase Terms Canada NewsWire VANCOUV...
About this update from Optegra Ventures Inc.
[{"type":"text","content":"\n \n \n \n Essex And KNX Resources Revise Purchase Terms\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n VANCOUVER, BC\n \n ,\n \n Sept. 22, 2021\n \n /CNW/ -\n \n Essex Minerals Inc. (the \"Company\")\n \n (TSXV: ESX) (OTCQB: ESXFM) (FRA: EWX1) is pleased to announce that further to its Australian gold earn-in joint venture it has reached agreement on revised terms to acquire 100% of its joint venture partner, KNX Resources Ltd (\"KNX\").\n \n \n \n Highlights\n \n \n \n \n The revised purchase terms shall comprise the issuance of 5,000,000 ordinary shares in\n \n Essex\n \n (the \"Purchase Shares\") and 5,000,000 two-year share purchase warrants with an exercise price of 20c per warrant (the \"Purchase Warrants\") to the shareholders of KNX.\n \n \n The Company shall retain the right to force conversion of the Purchase Warrants if the\n \n Essex\n \n share price closes above\n \n $0.45\n \n per share for more than five consecutive trading days (the \"Conversion Event\") prior to their expiry date.\n \n \n Upon occurrence of the Conversion Event,\n \n Essex\n \n shall undertake on a best endeavours basis to arrange buyers for any underlying shares from any unexercised Purchase Warrants at\n \n $0.40\n \n per share and retain\n \n $0.20\n \n per share from the sale proceeds for the Purchase Warrant exercise and deliver\n \n $0.20\n \n per share to each KNX Purchase Warrantholder.\n \n \n The previous condition on the spin-out and listing of Optegra Capital Corp (\"Optegra\") has been removed as a condition precedent to the acquisition.\n \n \n The Purchase Shares and Purchase Warrants will be issued to the KNX shareholders on the basis of one Essex Purchase Share and one Essex Purchase Warrant for approximately every 4.052 KNX shares in issue.\n \n \n Completion of the acquisition will give\n \n Essex\n \n an 88% interest in the\n \n Cumberland\n \n and Compass Creek Projects and 100% of the Mt Turner Project through its 100% ownership of KNX.\n \n \n \n Essex Minerals President and CEO\n \n Paul Loudon\n \n said: \...