Credit: Shutterstock photoCatalyst Copper Corp. (CCY.V) has received a letter dated March 1, 2013 from an affiliate of Teck Resources Limited (TCK-A.TO) offering to grant Catalyst's wholly owned Mexican subsidiary, Minera Hill 29 S.A de C.V. the option to acquire Teck's interest in the La Verde property. The Purchase Option is subject to Teck, Catalyst and Minera Hill negotiating and signing a binding agreement by April 2, 2013.
Minera Hill would have 180 days from signing the Definitive Agreement to acquire Teck's interest in the La Verde property by either (1) making a cash payment of $20 million to Teck; or (2) making a payment of $25 million to Teck in a combination of cash and shares (of Catalyst), provided that at least 50% of this consideration is in cash, with the remainder of the consideration paid in shares of Catalyst; provided that Teck's ultimate shareholding in Catalyst does not exceed 19.9%, post issue.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
