- Coloured Ties Capital (TIE) has received conditional TSXV Exchange approval regarding its option agreement
- The option agreement was between Quebec Pegmatite Corporation, a majority-owned subsidiary of the company, and Superior Mining International Corporation
- The option agreement grants Superior the option to earn a 100-per-cent interest in the Vieux Comptoir Lithium Property
- Coloured Ties Capital Inc. is a Canada-based company engaged in the exploration of near-surface phosphates, potash, etc., in Peru
- Coloured Ties Capital Inc. was down 4.054 per cent, trading at $0.71 at 11:26 AM ET
Coloured Ties Capital (TIE) has received conditional approval from the TSX Venture Exchange in regard to its option agreement.
The option agreement, amended on January 16, 2023, is between Quebec Pegmatite Corporation, a majority-owned subsidiary of the company, and Superior Mining International Corporation.
The option agreement grants Superior the option to earn a 100-per-cent interest in the Vieux Comptoir Lithium Property.
Superior has made the initial deposit of $7,500 and confirmed it intends to exercise its option.
Under the terms of the option agreement, Superior may exercise the option to acquire a 100-per-cent interest in the property upon the issuance to QPC of the following: 7,000,000 common shares of Superior upon receipt of approval of the TSXV; 3,500,000 Superior shares payable on the one-year anniversary of the option agreement; and 3,500,000 Superior shares payable on the eighteen-month anniversary of the option agreement.
The agreement stipulates that if Superior exercises its option in full and acquires the property, Superior shall grant QPC a 3.0 per cent net smelter return royalty and the NSR royalty may be reduced to 1.5 per cent upon Superior making a cash payment of $3,000,000 to QPC.
Also, the company has granted an aggregate of 250,000 options to a consultant of the company in line with the company’s stock option plan. The options shall vest immediately.
Furthermore, the company has taken up and purchased for cancellation a total of 5,192,307 common shares at a price of $0.65 per share in accordance with its substantial issuer bid (SIB) for an aggregate purchase price of approximately $3.375 million.
Coloured Ties Capital Inc is a Canada-based company engaged in the exploration of near-surface phosphates, potash and other minerals and potential development of a fertilizer project in Peru.
Coloured Ties Capital Inc. was down 4.054 per cent, trading at $0.71 at 11:26 AM ET.