ENTERS INTO ADDITIONAL DEFINITIVE AGREEMENT /NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES/
VANCOUVER, BC, Jan. 26, 2022 /CNW/ - Mich Resources Ltd. (CSE: MICH) (the "Company") the Company is pleased to provide an update on its proposed acquisition via reverse takeover (the "Transaction") of the advanced stage Pecoy copper project (the "Pecoy Project") located in southern Peru from each of Pembrook Copper Corp. ("Pembrook") and Minera Andina de Exploraciones SAA ("Minandex") as described in the Company's news releases dated July 30 and November 8, 2021. The Company is pleased to announce that it has entered into an additional definitive agreement (the "Definitive Agreement") to acquire the remaining 23.63% of the Pecoy Project assets not already held by Pembrook in exchange for consideration of US$2,500,000 and the issuance of 11.2 million common shares of the Company to the vendor (the "Vendor").
At the closing of the Transaction, the Company will hold 100% of the Pecoy Project, and as consideration for Pembrook, Minandex and the Vendor's interests in the Pecoy Project, the Company will pay the total amount of US$4,500,000 and issue a total of 127.2 million common shares of the Company to the shareholders of Pembrook and Minandex, and to the Vendor.
https://www.newswire.ca/en/releases/archive/January2022/26/c2949.html