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Western Metallica Resources Announces Successful Renegotiation of Caña Brava Copper Project Option Agreement
TORONTO, Aug. 21, 2024 (GLOBE NEWSWIRE) -- Western Metallica Resources Corp. (TSXV: WMS) (“Western Metallica” or the “Company”) is pleased to announce that it h
About this update from Western Metallica Resources Corp.
[{"type":"text","content":" TORONTO, Aug. 21, 2024 (GLOBE NEWSWIRE) -- Western Metallica Resources Corp. (TSXV: WMS) (“Western Metallica” or the “Company”) is pleased to announce that it has successfully renegotiated the terms of its Option Agreement for the acquisition of a 100% interest in the Caña Brava Copper Project (“Caña Brava”), situated in the La Libertad Department in Northern Peru, in the under-explored territory of a Cu-Mo metallogenic belt that hosts, to the South, world-class deposits such as MMG’s Las Bambas Mine, Hudbay Minerals Constancia Project and Glencore’s Antapacay Mine. Per the renegotiated Option Agreement, the Company retains greater flexibility in extending the term and payment schedule, among other factors. The agreed upon terms offer a unique opportunity to optimize the Company’s resources and focus its balance sheet on the development of the asset under terms that are more consistent with the success of its exploration campaign, placing Western Metallica in a stronger overall fiscal position and providing increased leverage to advance exploration programs that would generate shareholder value. Under the new terms of the Option Agreement, the agreed-upon price for the transfer of the Caña Brava Project Concessions is US$2,430,000 with the following schedule of payments: a) US$70,000, which has been paid and the Holders declare to have received to their full satisfaction. b) US$30,000, which has been paid and the Holders declare to have received to their full satisfaction. c) US$130,000, which has been paid and the Holders declare to have received to their full satisfaction. d) US$150,000, which shall be paid no later than June 15, 2025. e) US$150,000, which shall be paid no later than June 15, 2026. f) US$400,000, which shall be paid no later than June 15, 2027. ...