On November 23, 2016, CobalTech completed the acqu
Post# of 125
(Total Views: 567)
Posted On: 04/06/2017 6:26:31 PM
On November 23, 2016, CobalTech completed the acquisition of a 100% interest in the
past-producing Duncan Kerr Project and all related production facilities and equipment
from TrioResources AG Inc. (“Trio”)
– 32.3 hectare property located in a historical cobalt camp in northeastern Ontario
– Includes a permitted 100 tpd millling facility with a gravity and flotation circuit that is stored on the property site
• At closing, CobalTech issued 8.5 million shares at a deemed price of C$0.15 per share and a
C$150,000 cash payment to Trio and will make up to C$1.85 million in future cash payments
1. C$150,000 cash payment (paid)
2. C$650,000 cash payment that is payable nine months1 from the closing date
3. C$1,200,000 cash payment that is payable 24 months2 from the closing date
1. C$650,000 will be immediately due and payable in the event that the Company closes equity financing(s) in the amount of $3,000,000 or more prior to the date that is nine months from the closing date
2. C$1,200,000 will be immediately due and payable in the event that the Company closes equity financing(s) in the amount of $10,000,000 or more prior to the date that is 24 months from the closing date
I guess Jeff wasn't going to bother announcing any of this. He'll make out quite well here and yet his kmag/trio investors will be left to rot....as usual!
past-producing Duncan Kerr Project and all related production facilities and equipment
from TrioResources AG Inc. (“Trio”)
– 32.3 hectare property located in a historical cobalt camp in northeastern Ontario
– Includes a permitted 100 tpd millling facility with a gravity and flotation circuit that is stored on the property site
• At closing, CobalTech issued 8.5 million shares at a deemed price of C$0.15 per share and a
C$150,000 cash payment to Trio and will make up to C$1.85 million in future cash payments
1. C$150,000 cash payment (paid)
2. C$650,000 cash payment that is payable nine months1 from the closing date
3. C$1,200,000 cash payment that is payable 24 months2 from the closing date
1. C$650,000 will be immediately due and payable in the event that the Company closes equity financing(s) in the amount of $3,000,000 or more prior to the date that is nine months from the closing date
2. C$1,200,000 will be immediately due and payable in the event that the Company closes equity financing(s) in the amount of $10,000,000 or more prior to the date that is 24 months from the closing date
I guess Jeff wasn't going to bother announcing any of this. He'll make out quite well here and yet his kmag/trio investors will be left to rot....as usual!
(0)
(0)