Refined Metals Announces Updates to Property Option Agreements

About this update from Refined Energy Corp

[{"type":"text","content":" VANCOUVER, British Columbia, Nov. 29, 2023 (GLOBE NEWSWIRE) -- Refined Metals Corp. (CSE: RMC; OTC: RFMCF; FRA: CWA0) (the “Company”) announces that is has sent a notice of termination to the owner of the Rose Property pursuant to the Company’s property option agreement in respect of the Rose Property (the “Rose POA”). The Company has determined to terminate the Rose POA in order to permit the Company to focus its resources on the exploration of its lithium-prospective properties, the Simard Property and the Horizon South Property. Pursuant to the terms of the Rose POA, the Rose POA will terminate on December 28, 2023, being thirty days following the date the notice of termination was delivered to the property owner, after which date the Company shall have no further legal or beneficial interest in or to any of the lands or mineral rights forming the Rose Property. Concurrently with the termination of the Rose POA, the Company entered into amending agreements with the owners of the Simard Property and the Horizon South Property to, among other things, defer certain of the Company’s payment, common share (“Share”) issuance and exploration expenditure obligations under the property option agreements with respect to the Simard Property and the Horizon South Property. As a result of the amendments, the remaining payment, exploration expenditure and Share issuance obligations under the Company’s property option agreements with respect to the Simard Property and the Horizon South Property are as follows: Simard Property Date: Requirement: December 31, 2023 $60,000 payment to property owner March 31, 2024 $50,000 payment to property owner issuance of 300,000 Shares to property owner funding exploration work of at least $120,000 March 31, 2025 $50,000 payment to property owner issuance of 300,000 Shares to property owner funding exploration work of at least $250,000 (which total includes the $120,000 required to be incurred by March 31, 2024)   Horizon South Property Date: Requirement: December 31, 2023 issuance of $250,000 of Shares to property owner* First Anniversary of Receipt of Drill Permits Necessary for the Company to Undertake Exploration Drilling (“Drill Permits”) $250,000 payment to property owner issuance of $750,000 of Shares to property owner* Second Anniversary of Receipt of Drill Permits $250,000 payment to propert...

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