Business
Chilean Metals Closes NISK Acquisition Providing the Company a High-Grade Historical Nickel Copper Cobalt PGE Resource
TORONTO, ON / ACCESSWIRE / February 25, 2021 / Chilean Metals Inc. ("Chilean Metals," "CMX"...
About this update from Power Metallic Mines Inc.
[{"type":"text","content":"Chilean Metals Closes NISK Acquisition Providing the Company a High-Grade Historical Nickel Copper Cobalt PGE ResourceTORONTO, ON / ACCESSWIRE / February 25, 2021 / Chilean Metals Inc. (\"Chilean Metals,\" \"CMX\" or the \"Company\") (TSXV:CMX)(SSE:CMX)(MILA:CMX) s pleased to announce it has received TSXV conditional approval on its announced agreement to acquire 80% of the NISK property via a series of option payments and work commitments as further detailed below.Option Terms:Grant of first optionCritical Elements Lithium Corp. (\"Critical Elements\") (CRE)(CRECF)(F12) has granted to Chilean Metals, as the \"Optionee\", the exclusive right and option to acquire, on or before the date that is three (3) years from the TSX.V approval (the \"Effective Date\") (the \"First Option Period\"), an initial 50% Earned Interest in the Property (the \"First Option\"), free and clear of all Encumbrances other than the Permitted Encumbrances and the Royalty, subject to the terms and conditions in this Agreement.Requirements to Exercise the First OptionIn order to acquire the 50% Earned Interest under the First Option, the Optionee must:a. make cash payments totaling $500,000 to Critical Elements (the \"Cash Payments\") on or before the dates set out below:i. a non-refundable amount of $25,000 on the date of execution of the agreement; (COMPLETED)ii. an amount of $225,000 within a delay of five (5) Business Days following the Effective Date; and (COMPLETED)iii. an amount $250,000 within a delay of six (6) months from the Effective Date;b. issue to Critical Elements within five (5) Business Days following the Effective Date, 12,051,770 Shares (the \"Share Payment\") of the Optionee. The Shares issued will be issued as fully paid and non-assessable free and clear of all liens, charges, and Encumbrances, and subject only to a four-month and one-day resale restriction under applicable Securities Laws and the policies of the TSXV;c. incur an aggregate of $2,800,000 of Work Expenditures on the Property on or before the dates set out below:i. $500,000 in Work Expenditures on or before the date that is one (1) year from Effective Date;ii. $800,000 in Work Expenditures on or before the date that is two (2) years from Effective Date; andiii. $1,500,000 in Work Expenditures on or before the date that is three (3) years from Effective Date; andUpon the O...