Latest Can-Cal Resources Ltd (CCRE) Headlines
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Posted On: 03/09/2014 6:27:29 AM
Latest Can-Cal Resources Ltd (CCRE) Headlines
Can-Cal Resources Announces Amended and Restated Material Supply Agreement
GlobeNewswire - Wed Mar 05, 3:07PM CST
Can-Cal Resources Ltd. ("Can-Cal") (OTCBB:CCRE) announced today that it has entered into an amended and restated material supply agreement (the "Amended MSA") with Candeo Lava Products, Inc. ("Candeo"), which amends and restates the terms of its existing MSA with Candeo dated April 9, 2013 (the "Original MSA"). Pursuant to the Amended MSA, Candeo is entitled to purchase volcanic lava or cinders from Can-Cal's Pisgah Mine Project (the "Property") that is not currently stockpiled on the Property (the "Material") at a price equal to the greater of fifteen US dollars ($15) per ton and the net sales margins per ton removed from the Property realized as follows: (i) 35% of the net sales margins during the first year of mining; and (ii) 50% of the net sales margins for the subsequent years during the term of the Amended MSA (the "Production Payment"). Under the Amended MSA, Candeo has the exclusive right to remove an initial amount of up to 1,000,000 tons (the "Initial Amount") of Material from the Property and additional incremental amounts (the "Additional Amounts") of 1,000,000 tons each, upon the successful removal of the Initial Amount from the Property. Candeo's right to remove the Additional Amounts from the Property is on the basis that once Candeo has removed the first Additional Amount of the Material from the Property, it shall automatically have the right to remove subsequent Additional Amounts of Material from the Property, so long as it removes its then current Additional Amount.
Can-Cal Resources Announces Amended and Restated Material Supply Agreement
GlobeNewswire - Wed Mar 05, 3:07PM CST
Can-Cal Resources Ltd. ("Can-Cal") (OTCBB:CCRE) announced today that it has entered into an amended and restated material supply agreement (the "Amended MSA") with Candeo Lava Products, Inc. ("Candeo"), which amends and restates the terms of its existing MSA with Candeo dated April 9, 2013 (the "Original MSA"). Pursuant to the Amended MSA, Candeo is entitled to purchase volcanic lava or cinders from Can-Cal's Pisgah Mine Project (the "Property") that is not currently stockpiled on the Property (the "Material") at a price equal to the greater of fifteen US dollars ($15) per ton and the net sales margins per ton removed from the Property realized as follows: (i) 35% of the net sales margins during the first year of mining; and (ii) 50% of the net sales margins for the subsequent years during the term of the Amended MSA (the "Production Payment"). Under the Amended MSA, Candeo has the exclusive right to remove an initial amount of up to 1,000,000 tons (the "Initial Amount") of Material from the Property and additional incremental amounts (the "Additional Amounts") of 1,000,000 tons each, upon the successful removal of the Initial Amount from the Property. Candeo's right to remove the Additional Amounts from the Property is on the basis that once Candeo has removed the first Additional Amount of the Material from the Property, it shall automatically have the right to remove subsequent Additional Amounts of Material from the Property, so long as it removes its then current Additional Amount.
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