Abacus acquires the Willow copper property in Nevada
Published by Jane Bentham,
Editorial Assistant
Global Mining Review,
Abacus Mining & Exploration Corporation has announced that it has signed an Agreement with Almadex Minerals Ltd. and its wholly-owned Nevada subsidiary Almadex America Inc., to acquire a 100% ownership interest in the Willow porphyry copper property located in Yerington, Nevada, and data associated with the Willow Property.
Under the terms of the Agreement, which is subject to TSX Venture Exchange approval, Abacus will issue common shares of Abacus to Almadex, as to:
- 7 500 000 shares in the capital of the Company on closing of the transaction, expected to be on or about 30 June 2024 (the “Closing Date”).
- On 31 July 2025 (the “Top-Up Date”), such number of Shares owned by Almadex immediately following the completion of the transaction on the Closing Date, then divided by the number of Shares outstanding on the Top-Up Date, equals 0.08, rounded down to the nearest whole Share (the “Top-Up Shares”).
Title to the claims comprising the Willow Property will be transferred to Abacus on issuance of the Initial Shares, and Abacus will, as soon as reasonably practicable following the Closing Date and in any event no later than 31 December 2025, complete the drilling of a minimum 600 m exploratory hole on the Willow Property within an area agreed upon with Almadex.
The Willow Property is subject to a 2% NSR from future production of minerals from the Willow Property. “An option agreement on Willow was signed in early 2017 between Abacus and Almadex, allowing Abacus to earn an aggregate 75% interest in Willow by meeting certain spending thresholds and by issuing shares” commented Paul G. Anderson, President and CEO of Abacus. “This Agreement removes the spending commitments, and it consolidates ownership of a very prospective porphyry copper property which remains poorly drill tested.”
Read the article online at: https://www.globalminingreview.com/mining/10062024/abacus-acquires-the-willow-copper-property-in-nevada/
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