NWCCF - NorthWest Copper Announces Property Sale Agreement | Benzinga
VANCOUVER, British Columbia, Sept. 25, 2023 (GLOBE NEWSWIRE) -- NorthWest Copper ("NorthWest" or "the Company") (TSXV:NWST) (OTCQX:NWCCF) is pleased to announce that it has entered into a property sale agreement (the "Agreement") with Alpha Copper Corp. ("Alpha") (CSE:ALCU) whereby Alpha will acquire a 100% interest in a series of mineral claims located in the province of British Columbia commonly referred to as the "Okeover Copper (molybdenum) Project" (the "Property"), subject to 2% net smelter return to be retained by the Company (the "NSR Royalty").
Pursuant to the Agreement, Alpha has agreed to issue to NorthWest common shares of Alpha (the "Shares") having an aggregate value of $500,000 at a deemed price per Share, to be calculated on the closing date in accordance with the terms of the Agreement. One-half (50%) of the Shares will be subject to a 12-month lock-up. The Shares will also be subject to a statutory hold period in accordance with applicable securities laws.
The NSR Royalty will entitle NorthWest to a 2% royalty on the sale of all ores, doré, concentrates, metals, minerals and mineral by-products that are produced or extracted by or on behalf of Alpha from the Property, which may be bought down by Alpha by one half with a cash payment of $1,000,000.
The Agreement remains subject to approval by the Canadian Securities Exchange.
Okeover Property Description
The Property is located near Powell River on the southern British Columbia coast. It consists of 12 contiguous claims totaling 4,614 hectares and is beneficially owned 100% by NorthWest, subject to ...