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Strongbow Completes Amendment to South Crofty Share Purchase Agreement28.03.2018 | 17:00 Uhr | GlobeNewswire
VANCOUVER, British Columbia, March 28, 2018 (GLOBE NEWSWIRE) -- Strongbow Exploration Inc. (TSX-V:SBW) (“Strongbow” or the “Company”) is pleased to announce that, pursuant to the Share Purchase Agreement (“SPA”) announced March 17, 2016, regarding the acquisition of the South Crofty tin project, the Company, Galena Special Situations Master Fund Limited (“Galena”), and Tin Shield Production Inc (“Tin Shield”) have entered into a Side Letter to the SPA, whereby the remaining payments due to Galena and Tin Shield can be amended to allow Strongbow to remove certain share issuances and/or cash payments due on delivery of feasibility and/or a production decision to Galena and Tin Shield, provided that the Company’s shares are listed on AIM before the end of 2018, in return for the following:
Richard Williams, Strongbow CEO, stated, “We are very pleased to have reached this agreement with our partners on a simple, clear structure that paves the way forward for the South Crofty project. The simplified structure provides clarity to existing and potential investors. Strongbow has progressively achieved its milestones over the past year, and this agreement adds intrinsic value to the company by simplifying the project ownership. Strongbow is one of the only publicly traded tin companies in the world with clear ownership of a rare, high grade, extensively mineralized tin camp in an emerging strategic metals market.” The new payment structure will replace the original structure set out in the SPA (see news release dated March 17, 2016) set out below:
In the event the AIM listing occurs after June 10, 2018, the Company will be required to make the June 10 payment of C$2.0 million (cash or shares at Strongbow’s election) set out in the original SPA with that amount being credited towards the US$6.0 million payable upon the completion of the AIM listing. If the Company fails to list on AIM by January 1, 2019 the terms from the original SPA will remain in force. ABOUT SOUTH CROFTY South Crofty is an iconic former producing copper and tin mine located in the towns of Camborne and Pool, Cornwall, England. The first documented production history from South Crofty dates back to 1592, and it was the last tin mine to close in Cornwall in 1998. Strongbow published a NI 43-101 Mineral Resource Estimate on the project on April 19, 2016 (see Technical Report here), and published a NI 43-101 Preliminary Economic Assessment on the project on February 16, 2017 (see Technical Report here). The project received an Underground Permission (mining licence) in 2013, which is valid until 2071, and Planning Permission to construct a new process plant in 2011. In October 2017, Strongbow was successful in securing a Water Discharge Permit allowing for the dewatering of the now flooded mine workings. In January 2018, the Company completed the sale of a 1.5% Net Smelter Returns Royalty to its largest shareholder, Osisko Gold Royalties, for C$7,170,000. These proceeds are being used to construct a water treatment plant, which is expected to be completed by the end of September 2018. For additional information please contact: Irene Dorsman at (604) 210 8752 or by e-mail at idorsman@strongbowexploration.com or Sherman Dahl of Pretium Communications at (250) 558 8340. Blytheweigh (Financial PR/IR-London) Tel: +44 207 138 3204 ON BEHALF OF THE BOARD OF DIRECTORS “Richard D. Williams” Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture This news release contains "forward-looking statements" which are based on management’s best estimates and assumptions at the time the forward-looking statements are made. Certain disclosures in this news release relating to management’s plans to list on AIM in 2018, to amend the terms of the SPA as well as our ability to comply with the terms of an amended SPA, in addition to statements related to our ability to complete a feasibility study, make a production decision for South Crofty and secure project financing for mine construction are all forward-looking statements which are subject to numerous risks, uncertainties, and other factors related to Strongbow’s operation as a mineral exploration company that may cause future results to differ materially from those expressed or implied in such forward-looking statements. Dieser Artikel stammt von Rohstoff-Welt.de
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