Business
Teako Minerals Enters into 4.9% Equity Swap with Norwegian Mining and Exploration Technology Company, the Coring Company
Vancouver, British Columbia--(Newsfile Corp. - August 3, 2023) - TEAKO MINERALS CORP. (CSE: TMIN) (the "Company" or "Teako") is delighted to announce that it ha
About this update from Teako Minerals Corp
[{"type":"text","content":" Vancouver, British Columbia--(Newsfile Corp. - August 3, 2023) - TEAKO MINERALS CORP. (CSE: TMIN) (the \"Company\" or \"Teako\") is delighted to announce that it has entered into an arm's length binding Letter of Intent (the \"LOI\") dated August 2, 2023, with The Coring Company AS (\"TCC\"), to acquire 4.9% of the issued and outstanding common shares of TCC (the \"TCC Shares\") in exchange for 4.9% of the issued and outstanding common shares of Teako (the \"Teako Shares\"). This LOI signifies a momentous step in the strategic partnership between the two entities. The LOI further solidifies the Company's strategic partnership to drive advancements in innovative technological exploration and mining practices. Highlights of the Agreement: Each company will own 4.9% of the issued and outstanding shares of the other company; and TCC is in the process of closing it's financing with an entity valuation of approximately C$32 Million (NOK250 Million). Pursuant to the terms of the LOI, each of Teako and TCC will issue common voting equity representing 4.9% of each party on a non-diluted basis. The number of shares to be issued and the deemed value of the shares will be determined prior to the closing date of the proposed swap transaction, taking into account any Teako Shares that are issued as part of the Company's recently announced private placement financing (see news release dated July 6, 2023). Closing of the proposed transaction is expected to occur in August, 2023, and is subject to certain customary closing conditions, as well as the receipt of the approval of the Canadian Securities Exchange. All Teako Shares to be issued will be subject to a hold period which will expire four months and one day from the date of issuance of the Teako Shares. There are no finder's fees related to this LOI. Since the joint announcement of the strategic partnership (See news release dated April 19, 2023), Teako and TCC have been collaborating closely to develop the exploration module of the commercial SCS Mining Product. The Research & Development Agreement: Concurrently with the partnership, Teako and TCC will be finalizing the terms of a Research & Development agreement (the \"R&D Agreement\") (See news release dated April 19, 2023) aimed at advancing the SCS Mining Product - Exploration module for commercial application in the minin...