Business
Chilean Metals Acquires Golden Ivan
TORONTO, ON / ACCESSWIRE / June 8, 2021 / Chilean Metals Inc. ("Chilean Metals," "CMX" or th...
About this update from Power Metallic Mines Inc.
[{"type":"text","content":"Chilean Metals Acquires Golden IvanTORONTO, ON / ACCESSWIRE / June 8, 2021 / Chilean Metals Inc. (\"Chilean Metals,\" \"CMX\" or the \"Company\") (TSX.V:CMX)(SSE:CMX)(MILA:CMX) is pleased to announce it has agreed to acquire 100% of the Golden Ivan property from Granby Gold Inc., via a payment of 6,500,000 shares of CMX. Golden Ivan is located approximately 3 kilometers to the east of Stewart, BC in the heart of the Golden Triangle. The Golden Ivan property consists of 13 mineral claims, all in good standing, for a total area of approximately 797 hectares. This agreement revises the parties' earlier option agreement.Previously as announced on January 14, 2021, Chilean had agreed to acquire the property by making a series of cash payments totaling $150,000 (the 'Cash Payments') to Granby Gold Inc. (the \"Optionor\") on or before the dates set out below:(i) $50,000 on or before September 30, 2021;(ii) an additional $50,000 on or before September 30, 2022; and(iii) an additional $50,000 on or before September 30, 2023;Along with stock payments in aggregate of 11,400,000 Shares to the Optionor (the 'Share Payments'), on or before the dates set out below:(i) 3,900,000 Shares on the signing of the agreement, which has been completed.(ii) an additional 2,500,000 Shares on or before September 30, 2021;(iii) an additional 2,500,000 Shares on or before September 30, 2022; and(iv) an additional 2,500,000 Shares on or before September 30, 2023.Chilean, under the prior arrangement, would also have been required to incur an aggregate of $1,800,000 of work expenditures on the Property on or before the dates set out below:$450,000 in Work Expenditures on or before September 30, 2021;$450,000 in Work Expenditures on or before September 30, 2022;$450,000 in Work Expenditures on or before September 30, 2023; and$450,000 in Work Expenditures on or before September 30, 2024.On the performance of the Cash and Share, Payments noted above and completion of the work commitments Chilean Metals Inc. would acquire a 100% interest subject only to a 2.5% NSR royalty. Chilean retains the option to purchase 40% of this royalty for a one-time payment of $1,000,000.The revised 100% purchase agreement eliminates the cash payments and work commitment and expedites the payment by shares while reducing the overall quantity of shares by 1,000,000 shares from the orig...