Business
Taranis Resources Inc. Signs Letter of Intent to Acquire FortyTwo Metals Inc.
(TheNewswire) Estes Park, Colorado - TheNewswire - November 4, 20...
About this update from Taranis Resources Inc.
[{"type":"text","content":"Taranis Resources Inc. Signs Letter of Intent to Acquire FortyTwo Metals Inc.\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n \n \n \n Estes Park, Colorado -\n \n \n TheNewswire -\n \n \n November 4, 2020\n \n - Taranis\nResources Inc. (\"Taranis\" or the \"Company\")\n \n (\n \n TSXV:TRO\n \n ) (OTC:\n \n TNREF\n \n )\n \n announces that it has entered into an exclusive\nletter of intent with Cameo Industries Corp. (\"Cameo\") to\nacquire all of the issued and outstanding shares of FortyTwo Metals\nInc., a private British Columbia mineral exploration company which\nholds certain mineral property interests in British Columbia,\nincluding the MAX Mill Molybdenum Project (the \"MAX\nProject\") (details below) (the \"Transaction\"). The\nletter of intent provides that it will be superseded and replaced with\na more formal definitive agreement that will contain standard\nrepresentations and warranties for agreements of a like nature. (The\nletter of intent and the more formal definitive agreement are\nhereinafter collectively referred to as the \"Agreement\".)\n \n \n Pursuant to the Agreement, Taranis will acquire 100% of the issued and\noutstanding shares of FortyTwo Metals Inc. from Cameo for\nconsideration consisting of the following:\n \n \n (a)\n \n 3,600,000 common shares to be issued to\nCameo;\n \n \n \n (b)\n \n up to 400,000 common shares to be issued to an\narm's-length finder; and\n \n \n \n (c)\n \n 4,000,000 common shares to be issued to MX Gold\nCorp. (\"MXG\") as consideration for the purchase of the 50%\nnet profits interest (the \"NPI\") held by MXG in respect of\nthe MAX Project pursuant to a share purchase agreement between Cameo\nand MXG dated as of January 11, 2019, as amended.\n \n \n \n As additional consideration for the purchase by Taranis of the NPI,\nTaranis shall pay to MXG $1,000,000 no later than 90 days following\nthe commencement of commercial production from the MAX Project.\n \n \n \n MAX Mill & Molybdenum Project\n(the \"MAX Project\")\n \n \n \n \n The MAX Project covers more than 5,200 hectares near\nthe community of Trout Lake in southeastern B.C., and includes the MAX\nMill, and the underground workings of the MAX molybdenum mine. The MAX\nmolybdenum project was explored by Newmont Exploration Canada Inc. in\nthe late 1970's and early 1980's. FortyTwo Metals Inc. began mine\ndevelopment w...