Posted in | News | Gold | Copper | Molybdenum

Dundee Precious Metals Signs Option Agreement with Queensland Minerals

Dundee Precious Metals Inc. (TSX:DPM)(TSX:DPM.WT)(TSX:DPM.WT.A) has announced it has entered into an option agreement with Queensland Minerals Ltd., an exploration company listed on the TSX Venture Exchange ("TSXV"), in respect of DPM's Serbian properties, namely its Surdulica molybdenum, Tulare copper/gold and the Karmanica gold projects directly held by its Serbian subsidiary, Dundee Moly Company d.o.o.

Pursuant to the Agreement, QML is entitled, subject to the terms and conditions of the Agreement, to exercise its option to acquire 100% of DPM's interest in all of the issued and outstanding shares of Molyco upon: (i) QML having raised in one or more financings aggregate gross proceeds of $10 million ("Combined Financings"); (ii) QML having expended aggregate exploration expenditures of $3 million on the Serbian properties; and (iii) QML obtaining all requisite regulatory, shareholder, stock exchange or governmental authorizations and consents. The option is valid for one year from the date of the Agreement, October 4, 2010.

"This arrangement allows for the steady advancement of these exciting exploration properties by Queensland's experienced team while giving DPM and its shareholders the opportunity to continue to participate in their future success," said Jonathan Goodman, President and CEO of DPM.

Upon exercise of the option under the Agreement, DPM will receive a number of units ("Vendor Units") in the capital of QML, such that, upon completion, DPM will hold 47.5% of the issued and outstanding capital of QML, post-closing on a non-diluted basis (subject to adjustments under certain circumstances). Each Vendor Unit will be comprised of one QML common share and that number of warrants (but not less than half a warrant per Vendor Unit) as is equal to the number of warrants forming part of units sold in various tranches of the Combined Financings on a pro rata basis of each of the tranches of the Combined Financings. Each whole warrant will be exercisable for one common share of QML for a period of not less than two years and at an exercise price not greater than $0.42 per warrant.

Source: Dundee Precious Metals Inc.

Citations

Please use one of the following formats to cite this article in your essay, paper or report:

  • APA

    Dundee Precious Metals Inc.. (2019, February 18). Dundee Precious Metals Signs Option Agreement with Queensland Minerals. AZoMining. Retrieved on May 22, 2024 from https://www.azomining.com/News.aspx?newsID=570.

  • MLA

    Dundee Precious Metals Inc.. "Dundee Precious Metals Signs Option Agreement with Queensland Minerals". AZoMining. 22 May 2024. <https://www.azomining.com/News.aspx?newsID=570>.

  • Chicago

    Dundee Precious Metals Inc.. "Dundee Precious Metals Signs Option Agreement with Queensland Minerals". AZoMining. https://www.azomining.com/News.aspx?newsID=570. (accessed May 22, 2024).

  • Harvard

    Dundee Precious Metals Inc.. 2019. Dundee Precious Metals Signs Option Agreement with Queensland Minerals. AZoMining, viewed 22 May 2024, https://www.azomining.com/News.aspx?newsID=570.

Tell Us What You Think

Do you have a review, update or anything you would like to add to this news story?

Leave your feedback
Your comment type
Submit

While we only use edited and approved content for Azthena answers, it may on occasions provide incorrect responses. Please confirm any data provided with the related suppliers or authors. We do not provide medical advice, if you search for medical information you must always consult a medical professional before acting on any information provided.

Your questions, but not your email details will be shared with OpenAI and retained for 30 days in accordance with their privacy principles.

Please do not ask questions that use sensitive or confidential information.

Read the full Terms & Conditions.