9th Mar 2022 20:25
Cloudbreak Discovery PLC - Vancouver, Canada-based natural resource project generator - Enters into an option agreement on the Icefall project in Atlin, British Columbia with BBCo Ltd, effective from March 7. To earn a 75% interest, BCCo will spend a total of CAD700,000 over a three-year period in exploration expenditures on the property, with at least CAD50,000 being spent prior to the first year. Upon completion, both BCCo and Cloudbreak will enter into a joint venture agreement. BCCo will also issue 2.0 million shares to Cloudbreak and pay a total CAD120,000 in cash via a series of payments.
Chief Executive Officer Kyler Hardy says: "The Northwest Portfolio represents a great opportunity in an underexplored region of British Columbia. The region has historically had meaningful production; however, the area has not been subject to modern exploration techniques. We look forward to working closely with our partner to advance the Icefall project with the latest technology, in order to build a clearer geologic picture."
Current stock price: 6.00 pence, down 20% on Wednesday
12-month change: up 33% since June 3
By Arvind Bhunjun; [email protected]
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