Business
Chilean Metals Announces Golden Triangle Acquisition
(TheNewswire) Toronto, ON - TheNewswire - October 13, 2020 - Chilean Meta...
About this update from Power Metallic Mines Inc.
[{"type":"text","content":"Chilean Metals Announces Golden Triangle Acquisition\n \n \n (TheNewswire)\n \n \n \n Toronto, ON -\n \n \n TheNewswire -\n \n \n October 13, 2020 -\n \n \n Chilean Metals Inc. (\"Chilean Metals,\"\n\"CMX\" or the \"Company\") (TSXV:CMX\n \n \n ) (\n \n \n SSE:CMX\n \n \n )\n(\n \n \n MILA:CMX)\n \n \n (\n \n \n OTC:CMETF)\n \n \n is\n \n \n pleased to\nannounced it has reached and agreement to acquire 100% of the Golden\nIvan property via a series of option payments and work commitments as\nfurther detailed below. Golden Ivan is located approx. 3 kilometers to\nthe east of Stewart, BC in the heart of the Golden Triangle. The\nGolden Ivan property consists of thirteen (13) mineral claims, all in\ngood standing, for a total area of approximately 797 hectares.\n \n \n \n \n The terms of the agreement which is subject to the\napproval of the TSXV is as follows. Chilean is to make cash payments\ntotalling $150,000 to the Optionor, Grandby Gold Inc., (the \"Cash\nPayments\") on or before the dates set out below:\n \n \n \n \n (i) $50,000 on or before September 30,2021;\n \n \n \n \n (ii) an additional $50,000 on or before September\n30,2022; and\n \n \n \n \n (iii) an additional $50,000 on or before September\n30,2023;\n \n \n \n \n Make stock payments via the issue of an aggregate of\nI1,400,000 Shares to the Optionor (the \"Share Payments\"), on\nor before the dates set out below:\n \n \n \n \n (i) 3,900,000 Shares within five Business Days after\nreceipt of the TSXV Approval;\n \n \n \n \n (ii) an additional 2,500,000 Shares on or before\nSeptember 30,2021\n \n \n \n \n (iii) an additional 2,500,000 Shares on or before\nSeptember 30,2022: and\n \n \n \n \n (iv) an additional 2,500,000 Shares on or before\nSeptember 30th, 2023:\n \n \n \n \n All stock payments would come with a four month hold\nperiod.\n \n \n \n \n Chilean would be required to incur an aggregate of $\n1,800,000 of work expenditures on the Property on or before the dates\nset out below:\n \n \n \n \n \n \n (i)\n \n \n $450,000 in Work\nExpenditures on or before September 30, 2021\n \n \n \n \n \n \n (ii)\n \n \n $450,000 in Work\nExpenditures on or before September 30, 2022\n \n \n \n \n \n \n (iii)\n \n \n $450,000 in Work\nExpenditures on or before September 30, 2023\n \n \n \n \n \n \n (iv)\n \n \n $450,000 in Work\nExpenditures on or before September 30, 2024\n...