Cullinan Metals : Goldplay Signs $3.75M Letter Of Agreement To JV Part Of Its Portuguese Assets
October 25, 2022
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Goldplay Mining Inc. has signed a letter of agreement (LOA) with Cullinan Metals Corp., a copper-focused public company, in regard to Goldplay's Borba 2 projects located in Portugal.
Goldplay Mining Inc. has signed a letter of agreement (LOA) with Cullinan Metals Corp., a copper-focused public company, in regard to Goldplay's Borba 2 projects located in Portugal.
Terms of the agreement
Cullinan can acquire 100-per-cent interest in the Borba 2 properties by making cash and share payments to Goldplay and incurring certain exploration expenditures over a four-year period.
Date
Cash
Share Issuance in $ Equiv.
Aggregate of Work Expenditures
Upon signing the DefinitiveAgreement
$50,000
60 days after regulatoryapproval
$200,000
$250,000
NI 43-101 Report
One Year Anniversary
$75,000
$350,000
$0.2 Million
Two Year Anniversary
$100,000
$500,000
$0.3 Million
Three Year Anniversary
$150,000
$750,000
$0.5 Million
Four Year Anniversary
$175,000
$1,150,000
$0.5 Million
Total
$750,000
$3,000,000
$1.5 Million
Goldplay will retain a royalty interest of 1-per-cent net smelter returns (NSR) from minerals mined and removed by commercial production from any mine located on the property. One-half per cent of the royalty interest can be purchased at any time for $500,000.
Catalin Kilofliski, president and chief executive officer, stated: "We are very excited to have the opportunity to partner with a group of very successful mining entrepreneurs and move forward some of our Portuguese projects in a way that generates significant value for our shareholders with no dilution, while maintaining the ability to participate in the project's upside, through Goldplay's future equity position in Cullinan. This transaction represents the first step in our strategy to focus our own resources only on certain key assets, while finding partners to advance some of our other projects."
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Cullinan Metals Corp. published this content on 26 October 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 18 November 2022 14:48:06 UTC.
Cullinan Metals Corp. is a Canadian mining and exploration company focused on the development of energy metals. The Company is focused on energy resources, such as copper, graphite and lithium assets. Its projects include Smiley Lithium Project, Lac-Des-Iles West Graphite Project and Wakeman Lake Lithium Project. The Smiley Lithium Property consists of around five mining claims comprising approximately 1,902 hectares located 55 kilometers (km) north of Thunder Bay, Ontario. The Smiley Lake Lithium property is located in northwestern Ontario where numerous lithium deposits have been delineated to host significant reserves of lithium oxide (Li2O). The Lac-Des-Iles West Graphite Project consists of around 43 mineral claims in one contiguous block covering approximately 2276 hectares land, near the town of Mont-Laurier in southern Quebec. The highly prospective Wakeman Lake Lithium Project covers approximately 7,900 acres and is located in Northwestern Ontario.
CULLINAN METALS CORP. 
