American Creek Resources Announces Receipt of Termination Notice Which It Deems Invalid
American Creek Resources (TSXV: AMK, OTCQB: ACKRF) has received a Notice of Termination from Cunningham Mining regarding their Arrangement Agreement, which American Creek deems invalid. The dispute centers around allegations that American Creek failed to properly disclose information about Seabridge Gold's revised permit for potential twin tunnels through the Treaty Creek Property.
Cunningham Mining claims this constitutes a 'material adverse effect,' allowing termination. However, American Creek maintains that it fully disclosed Seabridge's position in its Disclosure Statement and subsequent communications. The company argues that all parties were aware of Seabridge's tunnel project plans before executing the Arrangement Agreement and its amendments.
American Creek asserts the Arrangement Agreement remains valid and awaits the $150,000 payment owed by Cunningham Mining under the 2nd Amendment Agreement.
American Creek Resources (TSXV: AMK, OTCQB: ACKRF) ha ricevuto un Avviso di Risoluzione da Cunningham Mining riguardo al loro Accordo di Intesa, che American Creek considera invalido. La disputa ruota attorno ad accuse secondo cui American Creek non avrebbe divulgato correttamente informazioni riguardanti il permesso rivisto di Seabridge Gold per potenziali tunnel gemelli attraverso la Proprietà Treaty Creek.
Cunningham Mining sostiene che ciò costituisce un 'effetto avverso materiale', giustificando la risoluzione. Tuttavia, American Creek afferma di aver pienamente divulgato la posizione di Seabridge nella sua Dichiarazione di Divulgazione e nelle comunicazioni successive. L'azienda sostiene che tutte le parti erano a conoscenza dei piani di progetto del tunnel di Seabridge prima di firmare l'Accordo di Intesa e le sue modifiche.
American Creek sostiene che l'Accordo di Intesa rimane valido e attende il pagamento di $150.000 dovuto da Cunningham Mining ai sensi del 2° Accordo di Modifica.
American Creek Resources (TSXV: AMK, OTCQB: ACKRF) ha recibido un Aviso de Terminación de Cunningham Mining en relación con su Acuerdo de Arreglo, que American Creek considera inválido. La disputa se centra en acusaciones de que American Creek no divulgó adecuadamente información sobre el permiso revisado de Seabridge Gold para potenciales túneles gemelos a través de la Propiedad Treaty Creek.
Cunningham Mining afirma que esto constituye un 'efecto adverso material', lo que permite la terminación. Sin embargo, American Creek sostiene que divulgó completamente la posición de Seabridge en su Declaración de Divulgación y en comunicaciones posteriores. La empresa argumenta que todas las partes eran conscientes de los planes del proyecto de túnel de Seabridge antes de ejecutar el Acuerdo de Arreglo y sus enmiendas.
American Creek afirma que el Acuerdo de Arreglo sigue siendo válido y espera el pago de $150,000 que Cunningham Mining debe bajo el 2° Acuerdo de Enmienda.
아메리칸 크릭 리소스 (TSXV: AMK, OTCQB: ACKRF)는 커닝햄 마이닝으로부터 그들의 협약 계약에 대한 해지 통지를 받았으며, 아메리칸 크릭은 이를 무효로 간주하고 있습니다. 이 분쟁은 아메리칸 크릭이 Treaty Creek 소유지를 통한 잠재적인 쌍둥이 터널에 대한 Seabridge Gold의 수정된 허가 정보를 적절히 공개하지 않았다는 주장에 중심을 두고 있습니다.
커닝햄 마이닝은 이것이 '중대한 불리한 영향'에 해당하여 해지를 허용한다고 주장합니다. 그러나 아메리칸 크릭은 자신의 공개 성명서 및 후속 커뮤니케이션에서 Seabridge의 입장을 완전히 공개했다고 주장합니다. 이 회사는 모든 당사자가 협약 계약 및 그 수정 사항을 체결하기 전에 Seabridge의 터널 프로젝트 계획을 알고 있었다고 주장합니다.
아메리칸 크릭은 협약 계약이 여전히 유효하며 커닝햄 마이닝이 2차 수정 계약에 따라 지불해야 할 $150,000의 지급을 기다리고 있다고 주장합니다.
American Creek Resources (TSXV: AMK, OTCQB: ACKRF) a reçu un Avis de Résiliation de Cunningham Mining concernant leur Accord de Arrangement, que American Creek considère comme invalide. Le litige porte sur des allégations selon lesquelles American Creek n'aurait pas correctement divulgué des informations sur le permis révisé de Seabridge Gold pour des tunnels jumeaux potentiels à travers la Propriété Treaty Creek.
Cunningham Mining affirme que cela constitue un 'effet défavorable matériel', justifiant la résiliation. Cependant, American Creek soutient avoir pleinement divulgué la position de Seabridge dans sa Déclaration de Divulgation et dans les communications ultérieures. L'entreprise fait valoir que toutes les parties étaient conscientes des projets de tunnel de Seabridge avant de signer l'Accord de Arrangement et ses amendements.
American Creek affirme que l'Accord de Arrangement reste valide et attend le paiement de 150 000 $ dû par Cunningham Mining en vertu du 2e Accord de Modification.
American Creek Resources (TSXV: AMK, OTCQB: ACKRF) hat eine Kündigungsmitteilung von Cunningham Mining bezüglich ihres Arrangements erhalten, die American Creek als ungültig erachtet. Der Streit dreht sich um die Behauptung, dass American Creek versäumt hat, Informationen über die überarbeitete Genehmigung von Seabridge Gold für potenzielle Zwillings-Tunnel durch das Treaty Creek Grundstück ordnungsgemäß offenzulegen.
Cunningham Mining behauptet, dies stelle einen 'wesentlichen nachteiligen Effekt' dar, der die Kündigung rechtfertige. American Creek hingegen hält daran fest, dass alle Informationen über die Position von Seabridge in seiner Offenlegungserklärung und in nachfolgenden Mitteilungen vollständig offengelegt wurden. Das Unternehmen argumentiert, dass alle Parteien vor der Unterzeichnung des Arrangements und seiner Änderungen über die Tunnelprojektpläne von Seabridge informiert waren.
American Creek behauptet, dass das Arrangement weiterhin gültig ist und auf die Zahlung von 150.000 $ wartet, die Cunningham Mining im Rahmen des 2. Änderungsvertrags schuldet.
- None.
- Legal dispute over Arrangement Agreement termination threatens deal completion
- Outstanding payment of $150,000 from Cunningham Mining remains unpaid
- Potential impact on Treaty Creek Property from Seabridge's tunnel construction plans
Cardston, Alberta--(Newsfile Corp. - February 18, 2025) - American Creek Resources Ltd. (TSXV: AMK) (OTCQB: ACKRF) (the "Company" or "American Creek") announces that it has received a Notice of Termination (the "Notice") of the Arrangement Agreement entered into with Cunningham Mining Ltd. (the "Purchaser") from the Purchaser. The Company's position is that the Notice is invalid.
In the Notice, the Purchaser alleged that American Creek breached the Arrangement Agreement in that the Company failed to disclose information regarding a renewed and revised license of occupation (the "Revised Permit") from the Province of BC granted to Seabridge Gold Inc. ("Seabridge") and/or its subsidiary relating to the potential construction of twin tunnels (the "Tunnels") which would run through a portion of the Treaty Creek Property, as press released by Seabridge in September 2024. The Purchaser also alleges that the Company did not advise it of information that was press released by Tudor Gold Inc. in December 2024, wherein Tudor Gold announced that it had retained outside counsel to protect Tudor Gold's interests relating to the Tunnels and the Revised Permit, amongst other things. The Company disagrees with these allegations. In the Company's Disclosure Statement delivered to the Purchaser concurrent with the signing of the Arrangement Agreement, American Creek fully disclosed Seabridge's position relating to the Tunnels. The Company also subsequently disclosed to the Purchaser the information contained in the Seabridge and Tudor Gold news releases. The parties discussed the situation regarding the Tunnels on numerous occasions during the Fall and Winter of 2024/2025 and in those discussions, the consensus was that the Revised Permit was a "non-issue" as far as the Arrangement Agreement transaction was concerned.
In the Notice the Purchaser also alleged that the issuance of the New Permit constitutes a "material adverse effect" which would allow it to terminate the Arrangement Agreement. The Company does not accept this. There must be a change in circumstances before something can constitute a material adverse effect. Seabridge's position with respect to the Tunnels and the risks related thereto were fully disclosed to the Purchaser in the Company's Disclosure Statement. The fact that Seabridge was seeking regulatory approval to move ahead with the Tunnels project, and even the proposed location of the Tunnels, was known to all parties at the time the Arrangement Agreement was executed, and the contents of the Seabridge and Tudor Gold news releases were known to all parties prior to the execution of the 1st and 2nd Amendment Agreements. Therefore,there is no material adverse effect as such relates to the information known by the parties at the time of entering into the Arrangement Agreement and the two subsequent amendments.
For the above reasons, it is the Company's position that the Notice is invalid and that the Arrangement Agreement remains in full force and effect and the Company awaits receipt of the
The Company will update shareholders on the status of this situation as further information becomes available.
About American Creek and the Treaty Creek Project
American Creek is a proud partner in the Treaty Creek Project, a joint venture with Tudor Gold Corp. located in BC's prolific "Golden Triangle".
American Creek holds a fully carried
The Company also holds the Austruck-Bonanza gold property located near Kamloops, BC.
ON BEHALF OF AMERICAN CREEK RESOURCES LTD.
"Darren Blaney"
Darren Blaney, President & CEO
For further information please contact Kelvin Burton at:
Phone: (403)752-4040 or Email: info@americancreek.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Statement Regarding Forward-Looking Statements
This news release may contain forward-looking statements (within the meaning of applicable securities laws) which reflect American Creek's current expectations regarding future events. Forward-Looking statements are identified by words such as "believe", "anticipate", "project", "expect", "intend", "plan", "will", "may", "estimate" and other similar expressions. The forward-looking statements in this news release are based on a number of key expectations and assumptions made by American Creek as of the date hereof. Although the forward-looking statements contained in this news release are based on what American Creek's management believes to be reasonable assumptions, American Creek cannot assure investors that actual results will be consistent with such statements.
The forward-looking statements in this news release are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. Several factors could cause actual results to differ materially from the results discussed in the forward-looking statements, including those identified in American Creek's most recent Management's Discussion and Analysis, which is available on SEDAR+ at www.sedarplus.ca. Readers, therefore, should not place undue reliance on any such forward-looking statements. These forward-looking statements are made as of the date of this news release and, except as expressly required by applicable law, American Creek assumes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/241263
FAQ
Why did Cunningham Mining try to terminate its agreement with American Creek (ACKRF)?
How much money is Cunningham Mining supposed to pay American Creek (ACKRF)?
What is the dispute about Seabridge's tunnels affecting ACKRF's Treaty Creek Property?
How does American Creek (ACKRF) respond to the termination notice?
