VANCOUVER, BC / ACCESSWIRE / May 9, 2022 / Atomic Minerals Corporation ("ATOMIC MINERALS" or the "Company") (TSXV:ATOM) announces that it has entered into an amending agreement dated effective February 1, 2022 (the "Amending Agreement"), pursuant to which it has agreed to amend the terms of its option to acquire the Gravity Jack property located near Boston Bar, British Columbia.
The terms of the original option on the Gravity Jack property are set out in an option agreement (the "Option Agreement") dated March 24, 2021 and announced in the Company's press release dated June 30, 2022. Among other requirements, the Company was required to incur exploration expenditures in stages over stated periods of time, and it was required to issue specified numbers of common shares in its capital to each of the vendors in stages over stated periods of time. These obligations are stated in detail in the Company's press release of June 30, 2021.
In the Amending Agreement, the parties to the Option Agreement have agreed to reduce the dollar amount of exploration expenditures that were to have been incurred on or before August 21, 2021 from $200,000 to $127,000, and they have agreed to extend the date by which those expenditures must have been made from August 21, 2021 to January 31, 2022, with an additional two weeks (to February 15, 2022) to make payment to the exploration consultant. In exchange, Atomic has agreed to issue 100,000 common shares in its capital to Raymond Wladichuk (one of the three vendors). In all other respects, the terms of the original Option Agreement remain unaffected.
The Amending Agreement - and the issuance of the additional 100,000 common shares to Mr. Wladichuk - are subject to TSX Venture Exchange ("TSXV") approval. The Company has applied for TSXV approval, and once approved, the Company intends to issue the 100,000 shares at a deemed price of $0.115 per share (the price per common share on TSXV on January 31, 2022). These common shares will be subject to a regulatory hold period of four (4) months and one (1) day from the date they are issued.
About the Company
Atomic Minerals is a Vancouver based publicly listed uranium exploration company trading on the TSX Venture Exchange. The Company is led by a highly skilled management and technical team with numerous previous successes in the junior mining sector.
For additional information, please visit the Company's website at www.atomicminerals.ca
ON BEHALF OF THE BOARD OF DIRECTORS
Clive H. Massey
President & CEO
For further information, please contact:
(604) 644-6794; Office (604) 341-6870
Neither TSX Venture Exchange nor their 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 Atomic Minerals Corporation 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 Atomic Minerals Corporation management on the date the statements are made. Except as required by law, Atomic Minerals Corporation 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: Atomic Minerals Corporation