Commerce Resources Corp. (CVE:CCE) and Canadian International Minerals (CVE:CIN) jointly announced that they have entered into an amending agreement with respect to the Carbo property option agreement
Commerce Resources Corp. (TSXV:CCE) and Canadian International Minerals (TSXV:CIN) jointly announced that they have entered into an amending agreement with respect to the Carbo property option agreement.
The press release is quoted as saying:
Under the amendment, Canadian International will immediately acquire a 100% interest in the Carbo Property by issuing an additional 8,000,000 common shares to Commerce. Commerce will retain its 2% NSR royalty on the property with no buyback right. Canadian International will also void any amounts due from Commerce for prior exploration under the original option agreement. The transaction is subject to acceptance by the TSX Venture Exchange.
The Carbo Property comprises seven claims totaling 2,778 hectares and is accessible by all-weather gravel roads. The project is located 80 kilometres northeast of Prince George, B.C. within the Wicheeda-Carbo carbonatite camp and is directly contiguous with Spectrum Mining Corporation’s Wicheeda Rare Earth Discovery. Commerce acquired the four main claims that make up the property by staking in 2005.