Coast Copper Corp. (TSX-V: COCO) is pleased to announce it has closed the asset purchase agreement announced on August 4, 2022 with an arm’s-length reporting issuer, pursuant to which the Company has sold a 100% interest in the Company’s Gin, Bonanza and Eldorado properties to the Purchaser for an aggregate purchase price of $3,000,000 in cash and shares. The Company has obtained the conditional acceptance from the TSX Venture Exchange for the Asset Purchase Agreement.
Asset Purchase Agreement
As part of the Purchase Price, Coast Copper has received the first tranche cash payment of $250,000 and common shares of the Purchaser with an aggregate value of $250,000. Under the terms of the Asset Purchase Agreement, at each six-month anniversary of the closing date of the transaction, ending 30 months from the Closing Date, the Purchaser shall pay Coast Copper $250,000 in cash and shall issue Purchaser common shares to Coast Copper with an aggregate value of $250,000, based on the 20-day volume-weighted average trading price of the Purchaser common shares for the 20 trading days ending on the date that is two business days prior to each payment date.
The Eldorado property is subject to a 2% net smelter returns royalty, half of which is owned by a private company controlled by the Chief Executive Officer of Coast Copper.
The transaction is subject to final approval of the TSX Venture Exchange. The Purchaser shares issued under the transaction will be subject to a hold period expiring four months and one day from the date of issuance.
About Coast Copper Corp.
Coast Copper’s exploration focus is the optioned Empire Mine property, located on northern Vancouver Island, BC, which covers three historical open pit mines and two past-producing underground mines that yielded iron, copper, gold and silver. Coast Copper’s other properties include its 100% owned Knob Hill NW Property located on northern Vancouver Island and its Home Brew and Shovelnose South Properties which are located in central BC. Coast Copper’s management team continues to review precious and base metals opportunities in western North America.
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