- District Copper has finalized a deal to sell its Eaglehead Property
- The company is selling the property to Norther Fox Copper, a subsidiary of Copper Fox Metals Inc.
- All conditions to closing have now been fulfilled and District Copper has closed the sale
- The balance of the purchase price payable by Northern Fox of $1,000,000 is payable in three annual instalments
- District Copper is unchanged on the day, with shares of the company trading at $0.03 at 1:33 pm ET
District Copper has finalized a deal to sell its Eaglehead Property.
The company is selling the property to Northern Fox Copper, which is a subsidiary of Copper Fox Metals Inc.
The companies made an application to the Ministry of Energy, Mines and Low Carbon Innovation in British Columbia to have the mining permits held by District Copper transferred or reissued to Northern Fox.
The ministry approved the application in March, 2021. All conditions to closing have now been fulfilled and District Copper has closed the sale.
Under the terms of the agreement, District Copper received an additional C$150,000 on account of the sale price and $212,000 representing the reclamation bonds posted by District Copper with the Ministry of Mines will be released imminently.
The balance of the purchase price due and payable by Northern Fox to District Copper $1,000,000 is payable in three annual instalments of $340,000, $330,000 and $330,000 respectively on each anniversary date following the closing.
District Copper has reserved a 0.5 per cent net smelter return of royalty on future production if any which may be realized in the Eaglehead Property.
District Copper is unchanged on the day, with shares of the company trading at $0.03 at 1:33 pm ET.