Business
Teako Minerals Signs Definitive Securities Exchange Agreement with The Coring Company AS
Vancouver, British Columbia--(Newsfile Corp. - October 2, 2023) - TEAKO MINERALS CORP. (CSE: TMIN) (the "Company" or "Teako") is pleased to announce that, furth
About this update from Teako Minerals Corp
[{"type":"text","content":" Vancouver, British Columbia--(Newsfile Corp. - October 2, 2023) - TEAKO MINERALS CORP. (CSE: TMIN) (the \"Company\" or \"Teako\") is pleased to announce that, further to its news release dated August 3, 2023 (the \"LOI\"), it has entered into a definitive agreement (the \"Definitive Agreement\") with The Coring Company AS (\"TCC\") to acquire 4.9% of the issued and outstanding common shares of TCC (the \"TCC Shares\") (equal to 726,455 TCC shares) in exchange for 4.9% of the current issued and outstanding common shares of Teako (the \"Teako Shares\") (53,455,433 shares), plus the 3,500,000 shares that are to be issued to Cuprita Minerals Inc. (see news release dated July 21, 2023), in total 56,955,433 shares, of which 4.9% is equal to 2,790,816 common shares of the Company. The transaction is subject to review and approval by 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 of which the securities exchange transaction (the \"Securities Exchange\") is expected to occur on October 12, 2023. Terms of the Securities Exchange Agreement: As a result of the Equity Swap, Teako and TCC will respectively own 4.9% of the issued and outstanding shares of the other company. The Coring Company closed a financing on September 28, 2023, valuing them at approximately C$32 Million (equivalent of 250 Million Norwegian Krone) based on the price level of the financing resulting in a valuation of Teako's stake in TCC to be approximately C$1.6 Million. Partnership Highlights: Teako and TCC are collaboratively developing the SCS Exploration Product (previously disclosed in the Company's press release dated June 22, 2023) to enhance their product portfolio within the announced framework of the Research & Development Agreement (or the \"R&D Agreement\"). This agreement is expected to be closed in the fourth quarter of 2023, in which it is agreed that; Teako is contributing its geologists and mining exploration sites to facilitate the further development, testing, and enhancement of the SCS Mining & Exploration module, and that; TCC will undertake the application process to secure funding from Innovation Norway, a government-funded entity, for each exploration testing site. The financial responsibilities wou...