Business
Chilean Metals Terminates Tiris Transaction
(via TheNewswire) Toronto, ON - TheNewswire - August 7th, 2020 - Chilean Metals Inc....
About this update from Power Metallic Mines Inc.
[{"type":"text","content":"Chilean Metals Terminates Tiris Transaction(via TheNewswire)\n \n \nToronto, ON - TheNewswire - August 7th, 2020 - Chilean Metals Inc. (\"Chilean Metals,\" \"CMX\" or the \"Company\") (TSXV:CMX), (OTC:CMETF), (SSE:CMX), (MILA:CMX) has terminated the previously announced term sheet with ASX and AIM-listed Aura Energy Limited for its gold, base and battery metal tenements in Mauritania.\n\n \n \n\"It became rather complicated for regulatory reasons for Chilean to pursue its original plan. It would have necessitated the deal being deemed a Fundamental Transaction to Chilean and that would have made it very difficult to meet our announced timelines to close this deal. It also would have stopped progress on Chilean's core projects in Chile. As a result, we have agreed with Aura to terminate the transaction commented Chilean CEO Terry Lynch.\"\n\n \n \nThe Chilean board has been informed a private company controlled by Mr. Lynch has agreed to acquire the 50% interest in Tritis Gold for similar terms and the independent directors did not object to the transactions. Chilean Metals has no interest or agreement with the private company.\n\n \n \nChilean expects with this announcement that the Company stock which has been halted will resume trading in the next few days.\n\n \n \nAbout Chilean Metals,\n\n\n \nwww.chileanmetals.com/\n\n\n \n\nChilean Metals Inc. is a Canadian Junior Exploration Company focusing on high potential Copper Gold prospects in Chile & Canada.\n\n\n \nChilean Metals Inc is 100% owner of five properties comprising over 50,000 acres strategically located in the prolific IOCG (\"Iron oxide-copper-gold\") belt of northern Chile. It also owns a 3% NSR royalty interest on any future production from the Copaquire Cu-Mo deposit, recently sold to a subsidiary of Teck Resources Inc. (\"Teck\"). Under the terms of the sale agreement, Teck has the right to acquire one third of the 3% NSR for $3 million dollars at any time. The Copaquire property borders Teck's producing Quebrada Blanca copper mine in Chile's First Region.\n\n\n \nON BEHALF OF THE BOARD OF DIRECTORS OF\nChilean Metals Inc.\n\n\n \n\"Terry Lynch\"\n\n\n \nTerry Lynch, CEO \n\n\n \nContact: [email protected]\n\n\n \n6474488044\n\n\n \nForward-looking Statements: This news release may contain certain statements that may be deemed \"forward-looking stateme...