Callinex Mines Announces Termination of Alberts Lake Back-In Right
Callinex Mines has announced a significant agreement with Teck Resources and Voyageur Mineral Explorers regarding the Alberts Lake Property in Manitoba. Teck has agreed to terminate its back-in right, which previously allowed it to acquire up to 90% of certain mineral claims. As compensation, Callinex will issue 150,000 common shares and 75,000 share purchase warrants to Teck, with warrants exercisable at $2.00 per share for two years.
Additionally, Teck will receive a C$1,000,000 cash payment if a decision is made to begin mine construction at Alberts Lake. In a separate amendment with Voyageur, Callinex has removed the final C$150,000 common share payment originally due on the fourth anniversary of their Option Agreement.
Callinex Mines ha annunciato un accordo significativo con Teck Resources e Voyageur Mineral Explorers riguardo alla Proprietà di Alberts Lake in Manitoba. Teck ha accettato di annullare il suo diritto di retrocessione, che le permetteva in precedenza di acquisire fino al 90% di alcuni diritti minerari. Come compenso, Callinex emetterà 150.000 azioni ordinarie e 75.000 warrant di acquisto azioni a Teck, con warrant esercitabili a $2,00 per azione per due anni.
Inoltre, Teck riceverà un pagamento in contante di 1.000.000 CAD se verrà presa la decisione di iniziare la costruzione della miniera ad Alberts Lake. In un'emendamento separato con Voyageur, Callinex ha rimosso il pagamento finale di 150.000 azioni ordinarie originariamente dovuto al quarto anniversario del loro Contratto di Opzione.
Callinex Mines ha anunciado un acuerdo importante con Teck Resources y Voyageur Mineral Explorers en relación a la Propiedad Alberts Lake en Manitoba. Teck ha acordado terminar su derecho de retroceso, que anteriormente le permitía adquirir hasta el 90% de ciertos reclamos minerales. Como compensación, Callinex emitirá 150,000 acciones ordinarias y 75,000 opciones de compra de acciones a Teck, con las opciones ejercitables a $2.00 por acción durante dos años.
Además, Teck recibirá un pago en efectivo de 1,000,000 CAD si se toma la decisión de comenzar la construcción de la mina en Alberts Lake. En una enmienda separada con Voyageur, Callinex ha eliminado el pago final de 150,000 acciones ordinarias que originalmente debía hacerse en el cuarto aniversario de su Acuerdo de Opción.
Callinex Mines는 매니토바에 있는 알버츠 레이크 자산과 관련하여 Teck Resources 및 Voyageur Mineral Explorers와 중요한 계약을 발표했습니다. Teck는 이전에 특정 광물이 권리를 최대 90%까지 인수할 수 있었던 계약을 종료하기로 합의했습니다. 보상으로 Callinex는 Teck에 150,000개의 보통주와 75,000개의 주식 구매 권리를 발행할 것입니다. 이러한 권리는 2년 동안 주당 $2.00에 행사할 수 있습니다.
추가로 Teck는 알버츠 레이크에서 광산 건설을 시작하기로 결정할 경우 1,000,000 CAD의 현금 지급을 받을 것입니다. Voyageur와의 별도의 수정안에서 Callinex는 그들의 옵션 계약의 네 번째 기념일에 원래 지급될 예정이었던 마지막 150,000개의 보통주 지급을 제거했습니다.
Callinex Mines a annoncé un accord important avec Teck Resources et Voyageur Mineral Explorers concernant la Propriété d'Alberts Lake au Manitoba. Teck a accepté de renoncer à son droit de retour, qui lui permettait auparavant d'acquérir jusqu'à 90 % de certaines revendications minérales. En compensation, Callinex émettra 150 000 actions ordinaires et 75 000 bons de souscription d'actions à Teck, les bons étant exerçables à 2,00 $ par action pendant deux ans.
De plus, Teck recevra un paiement en espèces de 1 000 000 CAD si une décision est prise de commencer la construction de la mine à Alberts Lake. Dans un amendement séparé avec Voyageur, Callinex a supprimé le dernier paiement de 150 000 actions ordinaires initialement dû au quatrième anniversaire de leur Contrat d'Option.
Callinex Mines hat eine bedeutende Vereinbarung mit Teck Resources und Voyageur Mineral Explorers bezüglich des Alberts Lake-Geländes in Manitoba angekündigt. Teck hat zugestimmt, sein Rückkaufrecht aufzugeben, das es zuvor erlaubte, bis zu 90% bestimmter mineralischer Ansprüche zu erwerben. Als Entschädigung wird Callinex 150.000 Stammaktien und 75.000 Aktienoptionsscheine an Teck ausgeben, wobei die Optionen für zwei Jahre zu einem Preis von 2,00 $ pro Aktie ausgeübt werden können.
Darüber hinaus erhält Teck eine Barzahlung von 1.000.000 CAD, wenn beschlossen wird, mit dem Bau der Mine am Alberts Lake zu beginnen. In einer separaten Änderung mit Voyageur hat Callinex die letzte Zahlung von 150.000 Stammaktien, die ursprünglich zum vierten Jahrestag ihres Optionsvertrags fällig war, aufgehoben.
- Elimination of Teck's 90% back-in right strengthens Callinex's control over Alberts Lake Property
- Removal of C$150,000 fourth anniversary payment obligation reduces future financial commitments
- Company maintains strong resource base with Rainbow deposit containing 272.4 Mlb CuEq indicated and 83.4 Mlb CuEq inferred resources
- Future contingent payment obligation of C$1,000,000 if mine construction begins
- Dilution of existing shareholders through issuance of 150,000 new shares and 75,000 warrants to Teck
In consideration of Teck terminating the Back-In Right:
- Callinex will issue to Teck 150,000 common shares of Callinex (the "Shares") and 75,000 share purchase warrants of Callinex (the "Warrants"). Each Warrant will be exercisable at price of
$2.00 - Teck will receive a one-time cash payment of
C within sixty (60) days of a decision being made to commence construction of a mine on the Alberts Lake Property (the "Milestone Payment"). The Milestone Payment will be the responsibility of the owner of the Property (ie. either Voyageur or Callinex as the case may be).$1,000,000
Max Porterfield, President and CEO of Callinex, stated, "We are pleased to welcome Teck as shareholder of Callinex and provide them with exposure across the Company's entire exploration portfolio. Moving forward we are eager to include this area in future exploration plans to target near surface opportunities to further expand on the expanding high-grade discoveries located immediately to the south."
In addition to the foregoing, Callinex and Voyageur have entered into an amendment agreement (the "Amendment Agreement") to the Option Agreement whereby the parties removed the final payment of
The Shares and Warrants to be issued to Teck will be subject to restrictions on resale for a period of four months from the date of issue. Closing of the Termination Agreement and Amendment Agreement is subject to the acceptance of the TSX Venture Exchange.
About Callinex Mines Inc.
Callinex Mines Inc. (TSXV: CNX) (OTCQX: CLLXF) is advancing its portfolio of base and precious metals rich deposits located in established Canadian mining jurisdictions. The focus of the portfolio is highlighted by the rapidly expanding Rainbow deposit at its rich VMS Pine Bay Project located near existing infrastructure in the Flin Flon Mining District. Callinex prepared an indicated mineral resource on the Rainbow deposit of 3.44 Mt grading
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Some statements in this news release contain forward-looking information. These statements include, but are not limited to, statements with respect to future expenditures. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include, among others, completing the private placement financing, the ability to complete the proposed drill program and the timing and amount of expenditures. Except as required under applicable securities laws, Callinex does not assume the obligation to update any forward-looking statement.
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SOURCE Callinex Mines Inc.
FAQ
What are the terms of Teck's back-in right termination for CLLXF's Alberts Lake Property?
How much is the milestone payment CLLXF must pay Teck for Alberts Lake Property?
What changes were made to CLLXF's Option Agreement with Voyageur?
What are the current mineral resources at CLLXF's Rainbow deposit?
