Business
Pacific Empire Signs Letter of Intent to Option the Pinnacle Copper-Gold Project
Vancouver, British Columbia--(Newsfile Corp. - August 26, 2020) - Pacific Empire Minerals Corp...
About this update from Pacific Empire Minerals Corp.
[{"type":"text","content":"Pacific Empire Signs Letter of Intent to Option the Pinnacle Copper-Gold ProjectVancouver, British Columbia--(Newsfile Corp. - August 26, 2020) - Pacific Empire Minerals Corp. (TSXV: PEMC) (OTCQB: PEMSF) (\"Pacific Empire\", \"PEMC\" or the \"Company\") is pleased to announce it has signed a non-binding letter of intent (the \"LOI\") to grant 1111 Acquisition Corp. (\"1111 Acquisition\") an exclusive option (the \"Option\") to earn up to a 70% interest in the Company's 14,040-hectare Pinnacle Copper-Gold Project (the \"Project\") in north-central British Columbia, Canada. PEMC and 1111 Acquisition intend to execute a definitive agreement documenting the terms of the LOI (the \"Definitive Agreement\") as soon as practicable following the date hereof.Under the terms of the LOI, 1111 Acquisition can earn a 70% interest by completing $5,700,000 in exploration expenditures on the Project, paying PEMC an aggregate of CDN$375,000 in cash payments and issuing 3,500,000 common shares to PEMC by the fourth anniversary of the signing of the Definitive Agreement. Following the exercise of the Option, PEMC will retain a 30% free-carried interest in the Project up until the date that 1111 Acquisition publishes a NI 43-101 compliant Pre-Feasibility Study (\"PFS\") on the Project. Following completion of the PFS, PEMC and 1111 Acquisition will form a joint venture with 1111 Acquisition holding a 70% initial interest and PEMC holding a 30% initial interest. If the total cumulative common shares granted to PEMC is less than 5% of the total issued and outstanding common shares of 1111 Acquisition as of the date of the PFS, 1111 Acquisition will issue to PEMC such number of common shares which will bring PEMC's ownership level to 5% of the total issued and outstanding common shares of 1111 Acquisition.\"Our hybrid business model gives shareholders the opportunity to have partner-funded drilling in addition to PEMC-funded drilling, resulting in multiple ongoing drill programs and opportunities for discovery,\" commented Brad Peters, President and CEO of Pacific Empire. \"PEMC continues to pursue additional opportunities for partner-funded drilling on several projects while we advance our Jean Marie, Weedon and Worldstock projects. Drilling at Pinnacle in 1991 intersected intriguing copper and gold values at the Aplite Creek Zone while partner-funded...