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Moon River Moly agreement for Endako property interest
2024-06-07 23:32 ET - Property Agreement
The TSX Venture Exchange has accepted for filing documentation pertaining to a share purchase agreement dated Feb. 28, 2024, between Moon River Moly Ltd. (formerly Moon River Capital Ltd.) (hereinafter the company) and an arm's-length party, Sojitz Corp. (the seller). Pursuant to the agreement, the company has indirectly acquired a 25-per-cent interest in the Endako molybdenum mine complex in British Columbia through the acquisition of all issued and outstanding shares in the capital of Sojitz Moly Resources Inc. (which changed its name to Moon River Molybdenum B.C. Ltd. following closing) (hereinafter Moon River B.C.), a wholly owned subsidiary of the seller.
Moon River B.C. is the holder of a 25-per-cent participating interest in the property pursuant to an exploration, development and mine operating agreement dated as of June 12, 1997, entered into between Moon River B.C. and Thompson Creek Mining Ltd. (now Thompson Creek Metals Company Inc.), a subsidiary of Centerra Gold Inc.
As consideration, the company shall pay the seller the following: (i) a one-time cash payment of $1 paid on closing; and (ii) an aggregate of up to $10-million in earnout payments beginning on the third anniversary of completion of the acquisition and ending on the sixth anniversary of completion of the acquisition, subject to the future price of molybdenum as set forth in the agreement.
Pursuant to the terms of the agreement, the seller has provided Moon River B.C. an aggregate amount of $41,886,494 in financing, of which: (i) $15,475,000 represents Moon River B.C.'s current portion of the environmental reclamation security in respect of the property; (ii) $24,411,494 has been deposited into trust with TSX Trust Company pursuant to the terms of a trust indenture to finance the company's future care and maintenance costs and/or future increases to Moon River B.C.'s responsibility for 25 per cent of the environmental and asset retirement obligations for the property; and (iii) $2-million has been deposited in the company's bank account.