Canadian Platinum Corp.: Peter Lake Purchase and Sale Agreement Signed
Saskatoon, October 2nd, 2017 - Canadian Platinum Corp. ("CPC" or the "Company"-TSXV:CPC) is pleased to announce that it has signed a definitive agreement (the "Agreement") to sell its 100%-owned Peter Lake property in northern Saskatchewan. Further to the news release dated July 13, 2017, the terms outlined in the original Letter of Intent have been revised through ongoing negotiation resulting in the final Agreement. The purchaser is American Energy Metals Corp. ("AEMC" or the "Purchaser"), and the terms of the Agreement allow AEMC to purchase a 100% working interest in the Peter Lake property by: -
- Making cash payments to CPC totaling CDN$2.5 million over a 24-month period, with CDN$375,000 due by October 29, 2017; CDN$375,000 due by December 28, 2017; CDN$750,000 due by September 29, 2018 and CDN$1,000,000 due by September 29, 2019;
- Issuing 8.75 million common shares of AEMC, or its assignee, a publicly-traded entity, by October 29, 2017; and
- Granting CPC a 5% Net Smelter Royalty ("NSR") on production from the property.
The Peter Lake property is located in northern Saskatchewan and hosts significant Cu-Ni-PGE-Co mineralization (see news release dated April 5th, 2017).
Closing of the transaction is expected to occur on, or before, October 29, 2017.
Gary Billingsley, President states, "The Company is pleased to have signed a formal agreement for the sale of the Peter Lake property. The transaction allows CPC to participate in what we certainly see as the significant upside potential of the project, through the NSR and through share ownership of the company developing the project. Perhaps more significantly, the deal allows us to begin exploration work on our Nevada gold project (see news release dated June 29, 2017) which will become our focus in the near term."
About Canadian Platinum Corp.
Canadian Platinum Corp. is a Canadian-based resource exploration and development company with its head office in Saskatoon, SK. CPC is focused on the acquisition and development of a diversified portfolio of resource properties including precious metals, base metals, platinum group elements and strategic metals.
CANADIAN PLATINUM TRADES ON THE TSX VENTURE EXCHANGE UNDER THE SYMBOL "CPC".
For more information, including news releases and technical reports providing more detail on the contents of this news release, please visit our website at www.canplats.ca.
For further information:
Gary Billingsley, President
Phone: 306-242-7363
Facsimile: 306-992-0729
www.canplats.ca
To receive information by email go to www.canplats.ca and click "Contact Information".
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CAUTION REGARDING FORWARD LOOKING STATEMENTS
Certain statements contained herein constitute forward-looking statements. Such forward-looking statements are subject to both known and unknown risks and uncertainties which may cause the actual results, performances or achievements of the Corporation to be materially different from any future results, performances or achievements expressed or implied by such forward-looking statements. The forward-looking statements included in this press release are made as of the date of this release and except as required by law, the Corporation does not undertake any obligation to publicly update or revise any forward looking statements, whether as a result of new information, future events or otherwise.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any state in the United States in which such offer, solicitation or sale would be unlawful. The securities referred to herein have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. This press release may contain statements within the meaning of safe harbour provisions as defined under United States Securities Laws and Regulations. The above statements are based on the current expectations and beliefs of the management of Canadian Platinum and are subject to a number of risks and uncertainties that may cause the actual results to differ materially from those described above.
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