Vancouver, November 1, 2024 - Silicon Metals Corp. (CSE: SI) ("Silicon Metals" or the "Company") is pleased to announce the Company has entered into an amendment agreement on October 31, 2024, amending the Hedge Hog Property Option Agreement with Eastfield Resources Ltd. The Hedge Hog Project is located 15km north of the town of Wells in the Caribou Mining Division of central British Columbia. Under the existing terms of the agreement, to maintain the option in good standing, the Company was required to incur expenditures of $25,000 on June 21, 2024, make a cash payment of $70,000 and issue $40,000 worth of shares on December 21, 2024, and incur expenditures of $1.63 million, make a final cash payment of $80,000 and issue $90,000 worth of shares on December 21, 2025. Under the amended terms of the agreement the Company and Eastfield have agreed to amend and extend the schedule of future expenditures, payments and issuances as follows:
Payment
Period | Expenditures
Amount | Cash
Payment | Shares
($Eq) |
| On or before Oct 31, 2024 | - | $10,000
(Paid) | - |
| On or before March 31, 2025 | $25,000 | - | - |
| On or before June 30, 2025 | - | $60,000 | $40,000 |
|
| On or before June 30, 2026 | $1,630,000 | $80,000 | $90,000 |
|
| $1,655,000 | $150,000 | $130,000 |
| | | |
About Silicon Metals Corp.
Silicon Metals Corp. is currently focused on exploration in western Canada, namely British Columbia. The Company holds an undivided 100% right, title and interest in the Ptarmigan Silica Project located approximately 130km from Valemount, British Columbia, and currently has an Option to explore the Hedge Hog Project located 15km north of the town of Wells in the Caribou Mining Division of central British Columbia. Management and the board of directors currently consists of Morgan Good (Chief Executive Officer and Director), Leighton Bocking (Director), Adrian Smith (director and Qualified Person) and Bennett Liu (Chief Financial Officer).
ON BEHALF OF THE BOARD OF DIRECTORS OF
SILICON METALS CORP.
"Morgan Good"
Morgan Good
Chief Executive Officer and Director
Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE accepts responsibility for the adequacy or accuracy of this release).
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/228621
