- Multi-Metal Development (MLY) and its subsidiary Poly Resources LLC (POLY) have signed an agreement with Pathfinder Resources
- The company signed is a binding, arm’s length, heads-of agreement to enter into a joint venture for the development of the Bleiberg Project in Austria
- Under the terms of the agreement, Pathfinder can earn an 80-per-cent interest in the Bleiberg Project
- The company can do this by making payments of C$75,000, issuing $554,500 in shares, spending a total of $4.5 million and delivering bankable feasibility with a minimum production rate of 200 tonnes per day at no cost to POLY
- Multi-Metal Development Ltd (formerly American Cumo Mining Corporation) is focused on advancing the CuMo Project owned by its subsidiary International CuMo Mining Corp
- Multi-Metal Development Corporation was unchanged at $0.02 at 1:01 PM ET
Multi-Metal Development (MLY) and its subsidiary Poly Resources LLC (POLY) have signed an agreement with Pathfinder Resources.
The company signed a binding, arm’s length, heads-of agreement to enter into a joint venture for the development of the Bleiberg Project in Austria.
Under the terms of the agreement, Pathfinder can earn an 80-per-cent interest in the Bleiberg Project.
The company can do this by making payments of C$75,000, issuing $554,500 in shares, spending a total of $4.5 million and delivering bankable feasibility with a minimum production rate of 200 tonnes per day at no cost to POLY.
The deal covers up to 6 years and is divided into four stages.
Clauses are contained in the agreement that should Pathfinder fail to proceed with any payments or expenditures, their previously-earned interest can be diluted by POLY expending the money on the project.
“We are extremely pleased to have signed an agreement to fully fund the Bleiberg Project through to bankable feasibility study,” said Shaun Dykes, President and CEO of CuMoCo.
Multi-Metal Development Ltd (formerly American Cumo Mining Corporation) is focused on advancing the CuMo Project, owned by its subsidiary International CuMo Mining Corp., towards feasibility and working on its Bleiberg project in Austria.
Multi-Metal Development Corporation was unchanged at $0.02 at 1:01 PM ET.