Refined Metals Corp. Announces Updates to Property Option Agreements
VANCOUVER, British Columbia, Nov. 29, 2023 (GLOBE NEWSWIRE) -- Refined Metals Corp. (CSE: RMC; OTC: RFMCF; FRA: CWA0) (the “Company”) announces that is has sent a
notice of termination to the owner of the Rose Property pursuant to the Company’s property option agreement in respect of the Rose Property (the “Rose POA”). The Company has
determined to terminate the Rose POA in order to permit the Company to focus its resources on the exploration of its lithium-prospective properties, the Simard Property and the Horizon South
Property. Pursuant to the terms of the Rose POA, the Rose POA will terminate on December 28, 2023, being thirty days following the date the notice of termination was delivered to the property
owner, after which date the Company shall have no further legal or beneficial interest in or to any of the lands or mineral rights forming the Rose Property.
Concurrently with the termination of the Rose POA, the Company entered into amending agreements with the owners of the Simard Property and the Horizon South Property to, among other things, defer certain of the Company’s payment, common share (“Share”) issuance and exploration expenditure obligations under the property option agreements with respect to the Simard Property and the Horizon South Property. As a result of the amendments, the remaining payment, exploration expenditure and Share issuance obligations under the Company’s property option agreements with respect to the Simard Property and the Horizon South Property are as follows:
Simard Property | |
Date: | Requirement: |
December 31, 2023 |
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March 31, 2024 |
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March 31, 2025 |
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