- Allied Copper Corp. (CPR) signs an agreement to acquire the Stateline Property from Cloudbreak Discovery Canada and Alianza Minerals Ltd.
- Allied Copper will make $315,000 in cash payments and issue 4.25 million common shares to the companies
- The Stateline Property consists of 22 unpatented mining claims bordering Colorado and Utah
- The signed companies will retain a two per cent net smelter royalty
- Alianza Minerals Ltd. (ANZ) is unchanged trading at $0.07 per share as of 11:30 a.m. EST
- Allied Copper Corp. (CPR) is up 9.52 per cent and is trading at $0.23 per share as of 11:29 a.m. EST
Allied Copper Corp. (CPR) has signed an agreement to acquire the Stateline Property from Cloudbreak Discovery Canada and Alianza Minerals Ltd.
Over three years, Allied Copper will make $315,000 in cash payments to the companies. An initial payment of $40,000 has already been paid and $50,000 is due at the closing of the transaction.
Allied will incur $3.75 million in exploration expenditures on the property. At least $500,000 will be spent before the first anniversary of the closing date.
It will also issue 4.25 million common shares over a three-year period, 500,000 of which are due on closing.
The signed companies, Cloudbreak and Alianza, will retain a two per cent net smelter royalty which is not subject to a buydown provision.
The Stateline Property consists of 22 unpatented mining claims over 148 hectares in San Miguel County, Colorado and San Juan County, Utah.
Stateline prospect copper outcropping formations are in the Dakota and Burro Canyon formations, and the project is accessible all year round.
Allied Copper Corp. (CPR) is up 9.52 per cent and is trading at $0.23 per share as of 11:29 a.m. EST.