Technology Minerals acquires Blackbird Creek Property
Published by Jessica Casey,
Editor
Global Mining Review,
Technology Minerals, the first listed UK company focused on creating a sustainable circular economy for battery metals, has announced that its wholly owned subsidiary, Techmin Ltd, has exercised its option to acquire 100% interest in the Blackbird Creek Property in Lemhi County, Idaho, USA, from DG Resource Management Ltd (DGRM), a corporation located in Alberta, Canada.
The acquisition adds 158 contiguous lode claims covering an area of approximately 1285 ha. (3175 acres) to the company’s existing land position, located immediately southeast of Jervois Mining Ltd’s Idaho Cobalt Operations (ICO). ICO is expected to be operational this year and will be the US’ first primary cobalt mine in decades. The Blackbird Creek Property is situated within the Idaho Cobalt Belt (ICB), a 60 km long metallogenic district characterised by stratiform/tabular copper-cobalt deposits.
Principal acquisition terms
- A cash payment, which was completed last year, of CAN$100 000 (approximately £59 057 at current conversion rates).
- CAN$800 000 (approximately £472 499 at current conversion rates) to be paid by the issue of 21 013 440 new ordinary shares in Technology Minerals (the new shares) priced at the admission price of £0.0225 per share.
- DGRM will retain the rights to a 2% net smelter royalty (NSR). Techmin Ltd has retained the option to buy back 1% of the NSR from DGRM for CAN$1.5 million.
- DGRM have entered into a lock in and orderly marketing agreement with the company under which DGRM have agreed that they shall not, offer, sell, contract to sell, pledge or otherwise dispose of any of the new shares for a period of 12 months commencing on 3 March 2022 or dispose of any of the new shares except through an orderly marketing arrangement for a period of 24 months commencing on 3 March 2022.
Alex Stanbury, CEO of Technology Minerals, said: “We are pleased to complete the acquisition of the Blackbird Creek Property, a project covering 1285 ha. that sits in the ICB and has the potential to host significant cobalt-copper deposits. The Blackbird Creek Property forms part of our exploration strategy to advance assets up the value chain with the aim of creating additional value in the company for our shareholders.”
Read the article online at: https://www.globalminingreview.com/finance-business/09032022/technology-minerals-acquires-blackbird-creek-property/
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