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ornerstone Capital Resources Inc. (TSXV:CGP) announced that it is selling its 50 percent participating interest in the Little Deer Joint Venture copper property to its JV partner for the project, Thundermin Resources Inc. for $550,000.00.
Cornerstone Capital Resources Inc. (TSXV:CGP) announced that has offered to sell its 50 percent participating interest in the Little Deer Joint Venture copper property to its JV partner for the project, Thundermin Resources Inc. for $550,000.00.
As quoted in the press release:
The purchase price is $550,000.00, consisting of $200,000.00 in cash on closing and $350,000.00 in common shares of Thundermin to be issued on closing, plus a 0.75% interest in net smelter returns on Cornerstone’s proportionate share of all products provided that Thundermin may, at its sole option, purchase, free from all encumbrances: (a) at any time, 0.5% of the NSR royalty for $500,000.00; and (b) at any time after the completion of the project’s feasibility study, 0.25% for the fair market value to be determined in accordance with said feasibility study. Should Thundermin fail to exercise its right to purchase Cornerstone’s 50% interest by September 15, 2013, then Cornerstone may sell that interest to a third party for the same financial consideration and the purchaser will be bound by the terms and conditions of the current Thundermin – Cornerstone Joint Venture Agreement.
To view the whole press release, click here.
