The Property is adjacent to Pan American Energy Corp’s
Figure 1 – Horizon South Property Location
Figure 2 – Horizon South Regional Map
Figure 3 – Horizon South Detailed Claim Map
Option Agreement Terms
Pursuant to the terms of the Option Agreement, the Company has the option to acquire a 100% interest in the Property from the Vendor, in consideration for completing a series of cash payments and issuances of common shares (“Common Shares”) in accordance with the following schedule:
Deadline | Cash Payments | Common Share Issuances* |
5 Business Days | - | |
60 Business Days | ||
First Anniversary of Receipt of Drill Permits Necessary for the Company to Undertake Exploration Drilling (“Drill Permits”) | ||
Second Anniversary of Receipt of Drill Permits |
* To be settled with Common Shares valued at the greater of the 20-day volume-weighted average price (“VWAP”) of the Common Shares on the due date of each Common Share obligation and the lowest price permissible pursuant to the policies of the exchange(s) on which the Common Shares are then listed.
All Common Shares issued to the Vendor pursuant to the Option Agreement will be subject to a twelve-month contractual escrow arrangement, during which time, subject to customary exceptions, such Common Shares may not be traded without the prior approval of the Company. The Common Shares issuable pursuant to the Option Agreement will be released from the escrow arrangement in four equal tranches: 25% will be released after three (3) months, a further 25% after six (6) months, a further 25% after nine (9) months, and the remaining 25% balance after twelve months. In addition, all Common Shares issued pursuant to the Option Agreement shall be subject to a statutory four month hold period pursuant to applicable Canadian securities laws. During the term of the Option Agreement, the Company will be the operator of the Property, and will be responsible for paying all exploration costs and maintenance fees owing to the
Related Party Transaction Disclosure
As a result of the foregoing, the Company’s entrance into the Option Agreement, and the potential issuance of Common Shares and the payment of Cash to the Vendor, is considered to be a “related party transaction” as defined under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Company is relying on the exemptions from the formal valuation and minority approval requirements found in sections 5.5(a) and 5.7(1)(a) of MI 61-101, as the fair market value of the transaction is not more than 25% of the Company’s market capitalization. The Option Agreement was unanimously approved by the independent directors of the Company.
About
For further information, please contact:
Phone: (604) 398-3378
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 Property and the exploration potential of the Property, including the potential of the Property to host lithium mineralization (whether hosted by the adjacent geology, extending from the adjacent mineral properties, or otherwise).
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 program in accordance with the expected parameters and that such program will yield the results anticipated by the Company, including the establishment of lithium mineralization at the Property.
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 deposits, 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 the establishment of lithium mineralization at the Property. The forward-looking information contained in this release is made as of the date hereof, and the Company 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.
The CSE has neither approved nor disapproved the information contained herein.
Graphics accompanying this announcement are available at:
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https://www.globenewswire.com/NewsRoom/AttachmentNg/a94420be-265c-4e13-80ae-6df055b774da
https://www.globenewswire.com/NewsRoom/AttachmentNg/244cd1e4-1353-47b8-8081-f3e09660e53c
Figure 1
Horizon South Property Location
Figure 2
Horizon South Regional Map
Figure 3
Horizon South Detailed Claim Map
2023 GlobeNewswire, Inc., source