Canyon Enters into Option Agreement to Acquire Sams Lake Property; Proposes Private Placement Financing and Loan Agreement with Metamin Enterprises Inc.

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[{"type":"text","content":"Canyon Enters into Option Agreement to Acquire Sams Lake Property; Proposes Private Placement Financing and Loan Agreement with Metamin Enterprises Inc.VANCOUVER, BC / ACCESSWIRE / September 27, 2016 / Canyon Copper Corp. (TSXV: CNC) (\"Canyon\"), is pleased to announce that it has entered into an option agreement (\"Option Agreement\") with ProAm Explorations Corporation (\"ProAm\"), a company listed on the TSX Venture Exchange (the \"Exchange\"), to earn a 71% interest in the Sams Lake Property located in Beaverhouse Lake and Factor Lake Areas of North Western Ontario and consists of 5 claims totaling 595 hectares. The Sams Lake Property is a mature exploration project that hosts nickel, copper, cobalt and palladium group metals in an ultramafic intrusive body.\nUnder the terms of the Option Agreement, Canyon will exercise the option to acquire a 71% interest in the Sams Lake Property by making the following cash payments, share issuances and exploration expenditures:\n\n Cash payment of $50,000 and 200,000 common shares of Canyon within 10 days from the date of Exchange acceptance.\n Cash payment of $50,000, 200,000 common shares of Canyon and completing $500,000 of exploration expenditures on the property before the second anniversary of the Option Agreement.\n Cash payment of $100,000, 200,000 common shares of Canyon and completing an additional $500,000 of exploration expenditures on the property before the third anniversary of the Option Agreement.\n Completing an additional $1,000,000 of exploration expenditures on the property before the six anniversary of the Option Agreement.\n\nUnder the terms of the Option Agreement, Canyon will pay a 2.5% Net Smelter Return to ProAm on commencement of commercial production. Canyon will have the right, at any time, to purchase 1% of the 2.5% Net Smelter Return for $1,500,000.\nThe Option Agreement and the transactions contemplated therein are subject to acceptance of the Exchange.\nPrivate Placement Financing\nCanyon also announces that it proposes to complete a private placement financing of 4,000,000 common shares at a price of $0.025 per share for gross proceeds of up to $100,000. Canyon plans to use the proceeds of the Offering for initial work plans on the Sams Lake Property and for general working capital.\nClosing of the proposed Offering is subject to a number of conditions,...

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