GREY:CATXF - Post by User
Comment by
Qbar82dvon Feb 14, 2013 12:46pm
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Post# 20989237
RE: RE: Simon says
RE: RE: Simon says I would like to add that 40% is not an option for Teck Res if CCY wants to buy out 100% of La Verde. (walk option).
Thanks for the input people.
Fine print of contract may change things. I will quote part of the contract as of Feb/8/2009.
The Company may earn a 60% interest in a to be formed Mexican subsidiary of Teck (“Newco”) which will hold the Property, by advancing US $6 million to Teck toward purchase of shares in Newco, and incurring aggregate exploration expenditures of US $10 million on the Property on or before December 31, 2012. After the Company earns its 60% interest in Newco, Teck may elect to increase its interest to 60% by incurring aggregate optional expenditures equal to two times the expenditures incurred by the Company, to a maximum of US $20 million. Should Teck fail to exercise the option to earn a 60% interest, the Company can acquire a 100% interest in Newco by paying Teck a further US $20,000,000.