CMC Sells it Subsidiary Company 0877887 BC Ltd. Including the Bishop Mill To 1436132 B.C. Ltd.

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[{"type":"text","content":"CMC Sells it Subsidiary Company 0877887 BC Ltd. Including the Bishop Mill To 1436132 B.C. Ltd.VANCOUVER, BC / ACCESSWIRE / September 19, 2023 / CMC Metals Ltd. (TSXV:CMB) (Frankfurt:ZM5P) (CMCXF:OTCQB) (\"CMC\" or the \"Company\") has entered into a share purchase agreement to sell its subsidiary company 0877887 BC Ltd. (\"087 BC\") and all of assets, rights, and responsibilities of the Bishop Mill located in California, USA with 1436132 B.C. Ltd., a private Canadian company. This agreement will be subjected to a 30-day due diligence period from the effective date of the deal being September 18, 2023.The details of the transaction are as follows. The Purchaser agrees to buy from CMC and CMC agrees to sell to the Purchaser all of the common shares of 087 for total consideration comprised of US$270,000 in cash and CAD$600,000 in shares or cash equivalent (the \"Purchase Price\"), payable as follows:(a) a total of US$270,000 in cash, payable as follows:(i) US $5,000 payable on the Effective Date (the \"Due Diligence Payment\");(ii) US $15,000 payable on or before the first business day following the end of the Due Diligence Period (defined below) if the Purchaser has not provided a Termination Notice ( defined below) to the Vendor in accordance with Section 5.2;(iii) US $50,000 payable on or before the 120th day following the Effective Date;(iv) US $50,000 payable on or before the 300th day following the Effective Date;(v) US $50,000 payable on or before the 480th day following the Effective Date;(vi) US $50,000 payable on or before the 660th day following the Effective Date; and(vii) US $50,000 payable on or before the 720th day following the Effective Date; and(b) CAD$600,000 in shares or cash equivalent, as follows:(i) CAD $200,000 in common shares of the Purchaser (or its successor) deliverable on or before the 120th day following the Effective Date;(ii) CAD $200,000 in common shares of the Purchaser (or its successor) deliverable on or before the 300th day following the Effective Date; and(iii) CAD $200,000 in common shares of the Purchaser (or its successor) deliverable on or before the 480th day following the Effective Date.The price per share for calculating the number of shares to be issued under paragraph (b) above will be determined as follows: while the Purchaser is a private company, the price per share will be the pri...

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