Business
Cameo Cobalt Closes Acquisition of Max Mine and Mill, Willa Property
VANCOUVER, British Columbia, March 06, 2019 (GLOBE NEWSWIRE) -- Cameo Cobalt Corp. (TSX Venture: CRU) (OTC: CRUUF) (FWB: SY7N) (the “Company” or “Cameo”) is ple
About this update from Quebec Rare Earth Elements Corp
[{"type":"text","content":" VANCOUVER, British Columbia, March 06, 2019 (GLOBE NEWSWIRE) -- Cameo Cobalt Corp. (TSX Venture: CRU) (OTC: CRUUF) (FWB: SY7N) (the “Company” or “Cameo”) is pleased to announce that further to its news release dated January 14, 2019, the Company has received final TSX Venture Exchange approval for the purchase of mining assets in an arm’s length transaction from MX Gold Corp. (the “Vendor”) for a combination of cash, common shares of the Company and the grant of a 50% net profit interest in the two mining properties going forward, as follows: FortyTwo Metals Share Purchase Agreement dated January 11, 2019, whereby the Company has agreed to purchase from the Vendor all of the issued and outstanding shares of the Vendor’s wholly-owned subsidiary, FortyTwo Metals Inc. (“FortyTwo”), for aggregate consideration of $578,982.76 consisting of $53,982 to renew certain mineral claims of the MAX Property owned by FortyTwo, $150,000 in cash and 5,000,000 common shares of the Company at a deemed issue price of $0.075 per share. The Company has also agreed to grant a 50% net profit interest on gross cash income from the MAX Property to the Vendor (less all expenses incurred to produce such income which is payable only once the Company has recouped from net profits its capital investment in the MAX Property and all pre-production costs). FortyTwo holds the past producing MAX molybdenum mine and mill located in British Columbia and a CDN$730,000 reclamation bond for the MAX Property held with the British Columbia Ministry of Mines. FortyTwo is also subject to certain legacy liabilities associated with prior operations. Willa Property Purchase, Sale and Assignment Agreement dated January 11, 2019, whereby the Company has agreed to purchase from the Vendor the Willa Property in British Columbia for a purchase price of CDN$1 and the assumption of certain legacy obligations associated with the Willa Property, including a net smelter royalty, advance royalty payments, and the requirement to retransfer the property back to the original optionors if the property is not in commercial production on or prior to September 28, 2020 with the underlying mineral claims in good standing for a period of not less than three years. The Company has also agreed to grant a 50% net profit interest on gross cash income from the Willa Pro...