NorthWest Copper has entered into an agreement with POSCO International Corp., whereby NorthWest will purchase all of the company’s approximately 31% remaining interest in Kwanika Copper Corp. (KCC) for a total consideration of CAN$11 million, payable in shares of NorthWest.
KCC is a joint venture corporation co-owned by NorthWest (approximately 68.98%) and POSCO (approximately 31.02%), which in turn owns 100% of the Kwanika Project. At the close of the transaction, KCC will become a wholly-owned subsidiary of NorthWest, and the company will acquire a 100% interest in the Kwanika project. The shareholder joint venture agreement as among the parties will terminate and POSCO will not retain any interest or rights, including offtake rights, on the Kwanika Project following the transaction.
Peter Bell, President & CEO of NorthWest Copper, comments:
“Consolidating ownership of our Kwanika project is a huge positive step for the company, allowing all of our successful exploration and development efforts to flow to our shareholders. We thank POSCO for their dedication in advancing Kwanika to date and look forward to welcoming them as cornerstone shareholders of NorthWest going forward. Achieving consolidation of Kwanika has been a goal of NorthWest Copper since the company was formed in March.”
Read the article online at: https://www.globalminingreview.com/mining/05012022/northwest-to-consolidate-its-interest-in-the-kwanika-project/