- Silicon Metals Corp. (CSE: SI, OTC: SLCNF) initiates acquisition of 100% interest in Aggregate Permit AP6453 in Sudbury, Ontario.
- An initial payment of $52,500 is made through 500,000 shares and $25,000 in cash.
- Remaining payments include $25,000 in cash and 3 million shares over the next 18 months.
Silicon Metals Corp. (CSE: SI, OTC: SLCNF) has taken a significant step forward in its strategic acquisition plans by initiating an option agreement to purchase a 100% interest in Aggregate Permit AP6453, located in Ontario's Sudbury Mining District. This region is known for its extensive mining opportunities and wealth of natural resources, which the company aims to capitalize on.
The initial terms of the agreement involved the issuance of 500,000 common shares at a price of $0.055 per share, alongside an initial cash payment of $25,000 to Geotek Exploration and Prospecting Ltd., totaling an upfront payment value of $52,500. This marks the first phase of a broader payment structure.
The next series of payments under the option agreement includes an additional cash payment of $25,000, which is to be fulfilled within 15 business days. Furthermore, the agreement stipulates two more issuances of common shares — 1.5 million shares to be dispensed at 12 months and another 1.5 million shares at 18 months following CSE approval.
It is important to note that all securities issued under this agreement will be subject to a statutory hold period of four months and one day, as outlined by National Instrument 45-102. This regulatory measure ensures compliance and stability in the handling of shares issued during this acquisition process.
