Canadian Platinum (“CPC” or the “Company”-TSXV:CPC) announces that, further to the press releases dated October 2nd, 2017 and November 7th, 2017, under the terms of the Purchase and Sale Agreement (the “Agreement”) between CPC and American Energy Metals (“AEMC” or the “Purchaser”), it has elected to terminate the Agreement.
AEMC was unable to complete its corporate structuring, failing to meet its initial obligations, in the timeframe anticipated in the Agreement. Under the terms of the Agreement, CPC gave AEMC notice of termination.
Gary Billingsley, President, commented:
“Unfortunately the Parties couldn’t close the transaction in a timely fashion and CPC elected to terminate the Agreement in order to pursue other opportunities to advance the project.
Given today’s metal prices, Peter Lake remains a significant part of our project portfolio, with the critical mineral claims in good standing for several more years without additional work requirements.”