Chilean Metals to Acquire 4 Copper Projects in Nova Scotia

Chilean Metals (TSXV:CMX) has entered an agreement to acquire four copper-gold projects from Cogonov Inc.. All four projects are located in Nova Scotia.
As quoted in the press release:

The Projects referred to as Fox River, Lynn, Parrsboro and Bass River have been the focus of considerable exploration efforts over the last several years via Cogonov and historical owners Minotaur Atlantic Exploration Ltd.
The structure of the acquisition is subject to receipt of tax, corporate and securities law advice for both of Chilean Metals and Cogonov. Once the structure is determined, the letter agreement will be replaced with a definitive agreement. It is currently contemplated that Chilean Metals will issue an estimated 26,500,000 common shares to the shareholders of Cogonov (directly or indirectly). No new control persons or insiders are expected to be created in Chilean Metals by the issuance of the Chilean Metals shares.

Chilean Metals CEO, Terry Lynch, said:

Chilean Metals has been negotiating with Cogonov over many months regarding their investing in CMX to fund exploration drilling of our recently assembled Zulema project. Inclusion of four of Cognonov’s Nova Scotia properties in this agreement allows us to diversify into another jurisdiction with IOCG potential, build on strategic alliances and reduce our overall risk in these current market conditions. We are impressed with Cogonov’s joint venture model and expect to successfully JV these Nova Scotia properties. These business combinations make enormous sense in the current market environment. It gives us a way to grow in a manner mutually beneficial to our respective shareholders.

Click here for the full press release.