CMC Metals Ltd V.CMB

Wow, talk about insanity

[Magnum2]

Where do they plan on getting these funds:

Pursuant to the terms of the agreement, to exercise the option and maintain the option in good standing, CMC Metals shall make a series of cash payments, issue common shares in the capital of CMC Metals and incur certain exploration expenditures on the property as follows:

 

1. CMC Metals shall pay to Sailfish cash payments totalling $3.5-million (U.S.) in accordance with the following schedule:
   1. $500,000 (U.S.) on or before March 31, 2024;
   2. $500,000 (U.S.) on or before March 31, 2025;
   3. $500,000 (U.S.) on or before March 31, 2026;
   4. $2-million (U.S.) on or before March 31, 2027.
2. CMC Metals shall issue CMC Metals shares in accordance with the following schedule:
   1. One million CMC Metals shares upon acceptance by the TSX Venture Exchange of the agreement;
   2. $700,000 in CMC Metals shares on or before March 31, 2024, calculated based on the greater of: (i) five cents per CMC Metals share; and (ii) the 10-day volume-weighted average price of the CMC Metals shares immediately prior to issuance;
   3. $500,000 in CMC Metals shares on or before March 31, 2025, calculated based on the greater of: (i) five cents per CMC Metals share; and (ii) the 10-day volume-weighted average price of the CMC Metals shares immediately prior to issuance.
3. CMC Metals shall incur and pay for total exploration expenditures of $5-million in respect of the property (including 10,000 metres of new drilling) in accordance with the following schedule:
   1. $1-million on or before March 31, 2025;
   2. $1.5-million on or before March 31, 2026;
   3. $2.5-million on or before March 31, 2027.