Constantine acquires 106 lode claims in Arizona
Constantine Metal Resources Ltd. [TSXV-CEM] today announced the TSX Venture Exchange has accepted a previously submitted letter agreement between Merrill Palmer and Constantine Metal Resources Ltd. whereby the company is being granted the exclusive right to acquire from the Mr. Palmer, a 100-per-cent right, title and interest in and to 106 federal lode claims located near historic Bouse, Arizona.
Under the terms of the agreements, the company will make staged lease payments aggregating to USD$500,000 in cash, staged cash payments aggregating to USD$3,495,000 and either issue an aggregate of 2.5 million common shares of the company or alternatively, make cash payments totaling to USD$1,325,000 in lieu of issuing shares on or before the payment dates as shown in the attached table.
The exchange has approved the issuance of 500,000 common shares, at a deemed price of 25 U.S. cents per common share, representing July 1, 2021’s, consideration. The deemed price per share is subject to a minimum floor price of 15 U.S. cents per common share, being the discounted market price. Any subsequent share issuances are subject to separate Exchange approval at the time it becomes payable and a floor price of 15 U.S. cents per common share, being the discounted market price.
Shares of Constantine are trading at CAD$0.31 cents with above average volume.