To exercise the Option, the Company must make a series of cash payments and share issuances to the Vendor and fund exploration expenditures on the Project. These payments, share issuance and expenditures are separated into two phases, with the first phase entitling the Company to acquire a 60% interest in the Project by paying an aggregate of CA$275,000 to the Vendor, issuing an aggregate of 1,000,000 common shares (the 'Shares') to the Vendor and funding an aggregate of CA$2,600,000 in exploration expenditures on the Project, in each case by
C.C. (Chuck) Downie ,P.Geo . President and CEO of Eagle Plains commented on the transaction: 'We are pleased to be able to partner with Refined on the Project. Over the past 18 months, there has been a tremendous focus on theAthabasca Basin in terms of tenure acquisition, mergers and acquisitions, and exploration spending by both junior and senior companies. We look forward to advancing this underexplored, uranium-prospective project with Refined.'
The Project is made up of the North and West properties, both of which are located approximately 18km from
These properties are prospective for unconformity- and basement-hosted uranium mineralization in proximity to NE-SW trending faults. Faulted basement contacts and brittlely reactivated structures are the primary locations for mineralization in the area covered by the
The Vendor and the Company plan to undertake further detailed data compilation with a view to deploying the most effective geophysical exploration methods from a variety that have proven effective in the
The Vendor will serve as operator of the Project during the First Option period, following which, in the event that the Company exercises the First Option, the Company will become the operator of the Project. Pursuant to the Option Agreement, the Company has the right to accelerate all cash payments, Share issuances and exploration expenditures in order to accelerate its exercise of the Option.
If the First Option or the Second Option is exercised, a 2% smelter returns royalty (the 'NSR Royalty') will be granted to the Vendor, 1% of which may be repurchased for CA$2,000,000. Following the exercise of the First Option or the Second Option by the Company, the Company and the Vendor will form a joint venture which will administer the continued exploration and operation of the Project.
All Shares issued to the Vendor pursuant to the Option Agreement will be subject to a statutory four month hold period pursuant to applicable Canadian securities laws. The number of Shares issuable to the Vendor pursuant to the Option Agreement will be adjusted in the event that the Company undertakes certain capital reorganization or corporate transactions.
About
Contact:
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Email: Info@refinedmetalscorp.com
Forward-Looking Statements
Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words 'could', 'intend', 'expect', 'believe', 'will', 'projected', 'estimated' and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company's current beliefs or assumptions as to the outcome and timing of such future events. In particular, this press release contains forward-looking information relating to, among other things, the Company's exploration plans and objectives at the Project; the exploration potential of the Project, including the potential of the Project to host unconformity- and basement-hosted uranium mineralization and the utility of prior historic exploration work in focusing future exploration programs.
Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information, including, in respect of the forward-looking information included in this press release, the assumption that: the Company will successfully complete its planned exploration programs in accordance with current expectations and that such programs will yield the results anticipated by the Company, including identifying disrupted faults delineated by EM conductors and other geophysical anomalies for drill targeting.
Although forward-looking information is based on the reasonable assumptions of the Company's management, there can be no assurance that any forward-looking information will prove to be accurate. Forward looking information involves 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 forward-looking information. Such factors include risks inherent in the exploration and development of mineral projects, including risks relating to changes in project parameters as plans continue to be redefined, that mineral exploration is inherently uncertain and that the results of mineral exploration may not be indicative of the actual geology or mineralization of a project and that mineral exploration may be unsuccessful or fail to achieve the results anticipated by the Company, including identifying disrupted faults delineated by EM conductors and other geophysical anomalies for drill targeting and discovering unconformity- and basement-hosted uranium mineralization. The forward-looking information contained in this release is made as of the date hereof, and the Company is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.
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