- Allied Copper Corp. (CPR) secures an option agreement to acquire a 100 per cent interest in the Klondike Property
- The property consists of 76 unpatented mining claims
- Allied Copper can exercise the option to acquire a 100 per cent interest in Klondike in exchange for several choices
- Allied Copper will grant a two per cent net smelter returns royalty (NSR) for a purchase price of $1.5 million
- Allied Copper Corp. (CPR) is up 2.22 per cent and is trading at $0.23 per share as of 3:23 p.m. EST
Allied Copper Corp. (CPR) has signed an option agreement to acquire a 100 per cent interest in the Klondike Property in Colorado.
The property consists of 76 unpatented mining claims, a Colorado exploration permit, and an exclusive right to a state lease.
Allied Copper can exercise the option to acquire a 100 per cent interest in Klondike in exchange for several choices.
The first by incurring $4.75 million in exploration expenditures on Klondike over a period of four years. At least $500,000 will need to be spent before the first anniversary of the closing date.
It can also do so by paying $400,000 in cash to Cloudbreak Subco and Alianza in accordance with their pro-rata interest over four years.
Allied Copper can issue seven million common shares to Cloudbreak Subco and Alianza for the same interest before the second anniversary.
Or, Allied Copper can issue three million common share purchase warrants with the same conditions as above.
Each option warrant entitles the holder to acquire one common share for three years at a price of$0.23 or the 10-day volume-weighted average sale price (VWAP) of the common shares.
If the option is exercised, Allied Copper will grant a two per cent net smelter returns royalty (NSR) for a purchase price of $1.5 million.
Allied Copper Corp. (CPR) is up 2.22 per cent and is trading at $0.23 per share as of 3:23 p.m. EST.