The ROE with Premier provides that the Company and Premier will exclusively negotiate an agreement for a period of 60 days, whereby StraightUp will acquire all of the outstanding shares of Premier from the current shareholders.
In evaluating commodities of preference and exposure in public markets, PSC isolated its focus to primary-silver projects globally and, in 2020, concluded commercial discussions with NYSE-listed Buenaventura (NYSE: BVN, market capitalisation in excess of
“Having experienced a number of cycles in the commodities and mining business and raised in excess of
“Mallay has been developed, capitalised and permitted by a multibillion-dollar, globally recognised mining company in Buenaventura (NYSE: BVN), a company that adheres to the highest of industry standards. The opportunity to acquire such an asset that provides this level of depth in optionality, as the market begins to aggressively search for projects quick to cash flow with district scale mineral discoveries in a recognised silver district, puts Premier Silver in a unique position to provide the market leveraged exposure to the silver industry. This demand has been demonstrated in Premier Silver raising in excess of
“I look forward to continuing our discussions with StraightUp in progressing due diligence and potential corporate transactions.”
The Mallay mine is located just four to five hours’ drive north of
The Mallay plant is an important asset of the Mallay Property, since Premier plans to provide processing services to other mining operations in the region. The plant was constructed in 2010-2011 for a reported cost of
Right to Exclusivity Agreement (“ROE”)
The Company has entered an ROE, securing 60 days of exclusivity over Premier Silver and its underlying assets. The purpose of this period shall be to complete further due diligence on the project(s) and the company and to negotiate the terms of a definitive purchase agreement with Premier Silver.
StraightUp’s board of directors provides no assurance that the ROE will result in a corporate transaction with
StraightUp’s president and CEO, Mr.
About
StraightUp is engaged in the business of mineral exploration and the acquisition of mineral property assets in
On Behalf of the Board of Directors
Chief Executive Officer, President and Director
For further information, please contact:
Chief Executive Officer, President and Director
(604) 989-6275
Neither the CSE nor its Market Regulator (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in
This news release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. “Forward-looking information” includes, but is not limited to, statements with respect to the activities, events or developments that the Company expects or anticipates will or may occur in the future, including the completion and anticipated results of planned exploration activities. Generally, but not always, forward-looking information and statements can be identified by the use of words such as "plans," "expects," "is expected," "budget," "scheduled," "estimates," "forecasts," "intends," "anticipates" or "believes" or the negative connotation thereof or variations of such words and phrases or state that certain actions, events or results "may," "could," "would," "might" or "will be taken," "occur" or "be achieved" or the negative connation thereof. Such forward-looking information and statements are based on numerous assumptions, including, among others, that the Company's planned exploration activities will be completed in a timely manner. Although the assumptions made by the Company in providing forward-looking information or making forward-looking statements are considered reasonable by management at the time, there can be no assurance that such assumptions will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's plans or expectations include risks relating to the actual results of current exploration activities; fluctuating gold prices; possibility of equipment breakdowns and delays; exploration cost overruns; availability of capital and financing; general economic, market or business conditions; regulatory changes; timeliness of government or regulatory approvals; and other risks detailed herein and from time to time in the filings made by the Company with securities regulators. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information or implied by forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements or information. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise except as otherwise required by applicable securities legislation.
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