Cornish Metals Inc. RESTRUCTURING OF THE DEFERRED CONSIDERATION (9755N)
04 Octubre 2021 - 12:30PM
UK Regulatory
TIDMCUSN
RNS Number : 9755N
Cornish Metals Inc.
04 October 2021
CORNISH METALS PROVIDES UPDATE ON TSX-V APPROVAL FOR THE
RESTRUCTURING OF THE DEFERRED CONSIDERATION PAYABLE FOR THE
CORNWALL ASSETS
October 4, 2021
Cornish Metals Inc. (TSX-V/AIM: CUSN) ("Cornish Metals" or the
"Company") reports that, further to its news release dated June 30,
2021, the Company wishes to provide an update on its agreement (the
"Side Letter") with Galena Special Situations Limited (formerly
Galena Special Situations Master Fund Limited) ("Galena") and Tin
Shield Production Inc. ("Tin Shield" and together with Galena, the
"Sellers") to restructure the deferred consideration (the "Deferred
Consideration") to be paid to the Sellers on the acquisition of the
South Crofty tin project and associated mineral rights in 2016 (for
further details, please see news releases dated March 17, 2016 and
June 30, 2021 ).
The Company received conditional approval from the TSX-V in
respect of the Side Letter on August 30, 2021 (the "TSXV-V
Conditional Approval"). On September 30, 2021, the Company and the
Sellers agreed to extend the long stop date set forth the Side
Letter for the Company to obtain final TSX-V acceptance from
September 30, 2021 to October 29, 2021. The Company is working to
provide the supporting documentation as required by the TSX-V
Conditional Approval to the TSX-V as soon as practicable. The
Company expects to issue the Closing Shares to the Sellers once the
applicable documentation has been provided to the TSX-V and final
TSX-V acceptance has been obtained.
ABOUT CORNISH METALS
Cornish Metals completed the acquisition of the South Crofty tin
and United Downs copper / tin projects, plus additional mineral
rights located in Cornwall, UK, in July 2016 (see Company news
release dated July 12, 2016 ). The additional mineral rights cover
an area of approximately 15,000 hectares and are distributed
throughout Cornwall. Some of these mineral rights cover old mines
that were historically worked for copper, tin, zinc, and
tungsten.
For additional information please contact:
In North America:
Irene Dorsman at (604) 200 6664 or by e-mail at
irene@cornishmetals.com
SP Angel Corporate
Finance LLP
(Nominated Adviser
& Joint Broker) Tel: +44 203 470 0470
Richard Morrison
Charlie Bouverat
Grant Barker
Hannam & Partners
(Joint Broker) Tel: +44 207 907 8500
Matthew Hasson
Andrew Chubb
Ernest Bell
Blytheweigh
(Financial PR/IR-London) Tel: +44 207 138 3204
Tim Blythe tim.blythe@blytheweigh.com
Megan Ray megan.ray@blytheweigh.com
ON BEHALF OF THE BOARD OF DIRECTORS
"Richard D. Williams"
Richard D. Williams, P.Geo
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release .
Caution regarding forward looking statements
This news release contains "forward-looking statements",
including but not limited to, the issuance of the Closing Shares
and the Milestone Shares, the approval of the TSX-V to be sought in
respect of such issuance of Milestone Shares, and the extension of
the long stop date in the Side Letter.
Forward-looking statements, while based on management's best
estimates and assumptions at the time such statements are made, are
subject to risks and uncertainties that may cause actual results to
be materially different from those expressed or implied by such
forward-looking statements, including but not limited to: risks
related to receipt of regulatory approvals, risks related to
general economic and market conditions; risks related to the
COVID-19 global pandemic and any variants of COVID-19 which may
arise; risks related to the availability of financing; the timing
and content of upcoming work programs; actual results of proposed
exploration activities; possible variations in Mineral Resources or
grade; failure of plant, equipment or processes to operate as
anticipated; accidents, labour disputes, title disputes, claims and
limitations on insurance coverage and other risks of the mining
industry; changes in national and local government regulation of
mining operations, tax rules and regulations.
Although Cornish Metals has attempted to identify important
factors that could cause actual results to differ materially from
those contained in forward-looking statements, there may be other
factors that cause results not to be as anticipated, estimated or
intended. There can be no assurance that such statements will prove
to be accurate, as actual results and future events could differ
materially from those anticipated in such statements. Accordingly,
readers should not place undue reliance on forward-looking
statements. Cornish Metals undertakes no obligation or
responsibility to update forward-looking statements, except as
required by law.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
MSCFSFFMLEFSEIS
(END) Dow Jones Newswires
October 04, 2021 13:30 ET (17:30 GMT)
Cornish Metals (LSE:CUSN)
Gráfica de Acción Histórica
De Mar 2024 a Abr 2024
Cornish Metals (LSE:CUSN)
Gráfica de Acción Histórica
De Abr 2023 a Abr 2024