A preliminary economic assessment for Zonia was completed in March 2018.
Cardero Resource Corp (TSXV:CDU) has reported that it has completed acquisition of an undivided 100-percent interest in the Zonia copper deposit in Arizona.
A preliminary economic assessment for Zonia was completed in March 2018
As quoted in the press release:
Under the terms of the option agreement dated August 27, 2015, as amended between the company and Redstone Resources Corporation, the company was granted the right to acquire up to a 100 percent interest in the property in consideration of, among other things, the aggregate cash payment of US$2,425,000 and issuance of an aggregate of 16,500,000 common shares over a three-year period.
Pursuant to an amendment dated October 3, 2018 Redstone was granted an option to convert US$500,000 of the remaining cash payments to common shares of the company. Redstone exercised that option and a total of 6,179,099 common shares were issued in lieu of US$500,000 cash. As a result, the total consideration paid to Redstone has been adjusted to US$1,925,000 cash and 22,679,099 common shares.
The company issued 5,000,000 common shares October 31, 2018, the delivery of which completes all share issuances associated with the acquisition.