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Teako Minerals Acquires Interest in Norwegian Vaddas and Birtavarre Projects from Capella Minerals, Allowing All-Year Round Operations
Vancouver, British Columbia--(Newsfile Corp. - July 18, 2023) - TEAKO MINERALS CORP. (CSE: TMIN) (the "Company" or "Teako") is delighted to announce a strategic
About this update from Teako Minerals Corp
[{"type":"text","content":" Vancouver, British Columbia--(Newsfile Corp. - July 18, 2023) - TEAKO MINERALS CORP. (CSE: TMIN) (the \"Company\" or \"Teako\") is delighted to announce a strategic partnership with Capella Minerals Limited (TSXV: CMIL) (\"Capella\") and has entered into an agreement dated July 12, 2023 (the \"Agreement\") to acquire a 50% interest in each of the Vaddas and Birtavarre projects located in northern Norway (together the \"Projects\") with the option to acquire a 100% interest in the Projects. The Projects being acquired embark on Teako's mission to expand their operations into Scandinavia in search of and to secure access to critical metals like Copper and Cobalt; metals that are imperative for the green and digital transition. Capella is an arms' length party to Teako. The Projects held by Capella Minerals: Two separate Copper-Cobalt (High-grade Cu-Co-rich VMS deposits) projects \"Vaddas\" and \"Birtavarre\" that form the Vaddas-Birtavarre district - a past-producing Cu-Co-rich massive sulfide district in northern Norway. The terms of the Agreement: Teako will acquire a 50% interest in the Projects upon the issuance of 1,000,000 shares of the Company to Capella, with the option to acquire a 100% interest by: Investing CAD$100,000 in exploration expenditures into the Projects within the first year; and Issuing an additional 250,000 shares in both the first and second year to Capella. All shares issued to Capella will be subject to a four-month and one-day hold, and are subject to the Company's filing requirements with the Canadian Securities Exchange (\"CSE\") and approval of the CSE, as may be required under CSE Policy 6. Concurrent with the Agreement, Teako and Capella will enter into a strategic partnership regarding effective communication and collaboration within the Scandinavian region. Teako and Capella will also be committing to exploring new opportunities, testing new exploration technologies, and supporting each other in the field whenever possible. Teako Maximizes Exploration Opportunities with Year-Round Operations Teako is embracing a strategic operational model that takes full advantage of the varying exploration seasons across the different geographical regions. With a portfolio of exploration projects spanning British Columbia and Norway, Teako's unique approach enables the Company to conduct exploration and drilli...