- Fabled Copper Corp. (FABL) has signed a letter of intent to acquire the TJ Property in British Columbia from ARR Mineral Exploration Inc.
- The TJ Property is just east of Stuart and is made up of six contiguous mineral tenures covering an area of 3,176 hectares
- The company will have the option to acquire the property depending on it securing additional financing and after signing a definitive agreement
- If signed, then Fabled Copper must pay ARR $70,000 cash, at least $100,000 in exploration expenses, and issue a number of shares equal to the property’s value
- It is also considering a share consolidation program for a 1:10 ratio
- Fabled Copper Corp. (FABL) is unchanged, trading at $0.01 per share as of 11:57 a.m. EST
Fabled Copper Corp. (FABL) has signed a letter of intent to acquire the TJ Property in British Columbia from ARR Mineral Exploration Inc.
The TJ Property is just east of Stuart and comprises six contiguous mineral tenures covering an area of 3,176 hectares.
The company will have the option to acquire the property depending on it securing additional financing and all required regulatory approvals and after signing a definitive agreement between the two parties.
If the definitive agreement is signed, Fabled Copper must pay ARR $20,00 in cash on the date of signing and $50,000 one year after the agreement has become effective.
Afterwards, a final payment two years after the definitive agreement, Fabled Copper will need to issue a number of its common shares equal to the cash value of the property at that time. Fabled Copper must pay at least $100,000 in exploration expenses on the property before this anniversary.
Fabled Copper will also grant ARR a 2.00 per cent net smelter return royalty on the property that Fabled Copper may purchase at any time for an additional $2 million.
Alongside this announcement, Fabled Copper is considering approving a consolidation of its outstanding common shares based on a 1:10 ratio at its upcoming shareholder meeting. The company currently has about 173.65 million common shares issued and outstanding.
Fabled Copper Corp. (FABL) is unchanged, trading at $0.01 per share as of 11:57 a.m. EST.
