Business
Latin American Minerals Closes Option Agreement to Acquire 100% of the Sail Pond Silver Project in Newfoundland
(TheNewswire) October 2, 2020 - TheNewswire - Toronto, Ontario - Lati...
About this update from Sterling Metals Corp.
[{"type":"text","content":"Latin American Minerals Closes Option Agreement to Acquire 100% of the Sail Pond Silver Project in Newfoundland\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n October 2, 2020 -\n \n \n TheNewswire -\n \n \n Toronto, Ontario - Latin American Minerals\nInc. (TSXV:LAT)\n \n \n (the \"\n \n \n Company\n \n \n \") is\npleased to announce that, further to its press release of August 24,\n2020, it has entered into a definitive option agreement dated\nSeptember 23, 2020, with Altius Resources Inc, a wholly-owned\nsubsidiary of Altius Minerals Corp. (TSX:ALS, \"\n \n \n Altius\n \n \n \"), to\npurchase a 100% interest in the Sail Pond silver-copper-lead-zinc\nproject (the \"\n \n \n Project\n \n \n \" or \"\n \n \n Sail Pond Property\n \n \n \") on the Great Northern Peninsula of Newfoundland.\n \n \n \n \n Under the terms of the option agreement, the Company\nhas made the initial payment to Altius by issuing an aggregate of\n58,991,254 common shares of the Company (each, a \"\n \n \n Common Shares\n \n \n \").\nIn order to exercise option the Company must also incur a minimum of\n$500,000 of expenditures on or before September 23, 2021, and a\nfurther $1,000,000 of expenditures on or before September 23, 2023.\nAdditionally, subject to TSX Venture Exchange approval, the Company\nwill issue to Altius an additional $200,000 in Common Shares on the\nearlier of September 23, 2021 or on the completion of an equity\nfinancing for gross proceeds of a minimum of $2,000,000. Upon transfer\nof ownership, Altius will retain certain preferential purchase rights\nas it relates to an underlying 2% NSR royalty covering the Sail Pond\nProperty.\n \n \n \n \n The 58,991,254 Common Shares issued to Altius pursuant\nto the option agreement represent approximately 19.9% of the issued\nand outstanding Common Shares, on a non-diluted basis. Prior to\nentering into the option agreement, Altius did not own any Common\nShares. Altius may acquire or dispose of securities of the Company,\nincluding on the open market or through private transactions, in the\nfuture depending on market conditions, reformulation of plans and/or\nother relevant factors. A copy of Altius' early warning report will\nappear on the Company's profile on SEDAR and may also be obtained by\ncalling (709) 576-3440 (38 Duffy Place, 2nd Floor, St John's,\nNewfoundland A1B 4M5). The Common Shar...