Universal Copper Amends Poplar Option Agreement
Monday, June 17, 2019 6:35 PM
VANCOUVER, BC / ACCESSWIRE / June 17, 2019 / Universal Copper Ltd. ("Universal Copper" or the "Company") (TSX Venture: UNV) (Frankfurt: 3TA1) is pleased to announce that it has signed an Amending Agreement dated May 25, 2019 with the Vendor of its Poplar Property whereby the Company and the Vendor have agreed to revise the time in which the Company fulfils its cash payments and exploration obligations as set out in the original Option Agreement. In consideration for extending the time in which to fulfil the Company's obligations (see below), the Company and the Vendor have agreed that a further consideration of 2,000,000 shares of Universal Copper Ltd. be issued to the Vendor within 3 days of Exchange Approval of the Amending Agreement.
Extension for Cash Payments as follows:
- Pay $50,000 to the Vendor by May 17th, 2020.
- Pay $100,000 to the Vendor by November 17th, 2021.
- Pay $150,000 to the Vendor by November 17th, 2022.
- Pay $600,000 to the Vendor by November 17th, 2023.
- Pay $3,500,000 to the Vendor by November 17th, 2024.
Extension in which to incur Exploration Expenditures as follows:
- Complete $1,200,000 in exploration expenditures on the Mineral Claim(s) by May 25th, 2020. (Approx. $500,000 completed to date)
- Complete $1,500,000 in exploration expenditures on the Mineral Claim(s) by Dec 17th, 2022.
For additional information, please visit the Company's website at www.universalcopper.com
ON BEHALF OF THE BOARD OF DIRECTORS
Clive H. Massey
President & CEO
For further information, please contact:
Phone: (604) 341-6870
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains certain statements that may be deemed "forward-looking" statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although Universal Copper Ltd. believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Forward looking statements are based on the beliefs, estimates and opinions of Universal Copper Ltd. management on the date the statements are made. Except as required by law, Universal Copper Ltd. undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
SOURCE:Universal Copper Ltd.