10th Feb 2022 21:44
Cloudbreak Discovery PLC - Vancouver, Canada-based natural resource project generator - Signs option agreement alongside Alianza Minerals Ltd with Allied Copper Corp for the Stateline property in Colorado and Utah, comprising 22 unpatented mining claims from local prospectors.
Over a three-year period, Allied will incur an aggregate of CAD3.8 million, about GBP2.2 million, in exploration costs on the property, issue 4.3 million shares over three-year period, and make an aggregate of CAD315,000 in cash to Cloudbreak and Alianza. Both companies will retain a 2% net smelter property which is not subject to a buy down provision.
"We are delighted to grow our relationship with Allied and are looking forward to lending support for their exploration efforts in the Paradox Basin. Having both Stateline and Klondike with the same partner will allow us to gain a better understanding of the geological setting and explore the regional opportunity unfolding with this partnership," said Chief Executive Officer Kyler Hardy.
Current stock price: 3.00 pence, up 11% on Thursday
12-month change: down 33% since June 3
By Dayo Laniyan; [email protected]
Copyright 2022 Alliance News Limited. All Rights Reserved.
Related Shares:
Cloudbreak