Mining Firm Gains Option to Buy Claims
Allied Copper Corp. (CPR:TSX; CPRRF:OTCQB) was granted the option to acquire the Klondike property pursuant to an amendment of the option agreement dated Dec. 3., 2021.
In exchange for 100% of Klondike, Allied Copper must spend US$4,750,000 on exploration there over four years (Allied must spend at least CA$500,000 before the first anniversary of the closing date).
Allied must pay a total of $400,000 in cash over four years to Cloudbreak Discovery (Canada) and Alianza.
Allied must issue a total of 7,000,000 common Allied Copper shares to those same two companies before the second anniversary of the closing.
Allied must issue an aggregate of 3,000,000 common Allied share purchase warrants to Cloudbreak Discovery (Canada) and Alianza on the third anniversary of the closing. With each warrant, the holder has three years to buy one common Allied share at whichever price is greater: $0.23 or the 10-day volume-weighted average share sale price on such date.
If Allied exercises the acquisition option, it must grant a 2% net smelter returns royalty to the optionors. Finally, Allied must issue an additional 3,000,000 common Allied share purchase warrants to Cloudbreak Discovery (Canada) and Alianza if Allied files a resource estimate that meets certain requirements.
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