Refined Metals Corp. Announces Updates to Property Option Agreements - Seite 2
Horizon South Property | |
Date: | Requirement: |
December 31, 2023 |
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First Anniversary of Receipt of Drill Permits Necessary for the Company to Undertake Exploration Drilling (“Drill Permits”) |
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Second Anniversary of Receipt of Drill Permits |
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* Shares to be valued based on the greater of the 20-day volume-weighted average price of the Shares prior to the issuance of such Shares and the lowest price permissible pursuant to the policies of the exchange(s) on which the Shares are then listed.
Aman Parmar, Chief Executive Officer of the Company, commented: “the termination of the Rose POA and the amendments to the option agreements for the Simard and Horizon properties positions the Company to focus on the exploration and advancement of its lithium prospective properties. We are excited to continue our exploration of the Simard Property and to begin exploring the Horizon South Property.”
For additional details regarding the property option agreements in respect of the Simard Property and the Horizon South Property, please see the Company’s press releases dated December 21, 2022 (in respect of the Simard Property) and February 9, 2023 (in respect of the Horizon South Property).
Related Party Transaction Disclosure
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As disclosed in the Company’s February 9, 2023 press release, the option agreement in respect of the Horizon South Property is considered to be a “related party transaction” of the Company as defined under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Company relied 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 consideration under the property option agreement in respect of the Horizon South Property was not more than 25% of the Company’s market capitalization on the date that this agreement was entered into by the Company, as calculated in accordance with MI 61-101. The Company’s entrance into the Horizon South Property option agreement was unanimously approved by the independent directors of the Company.