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VANCOUVER, B.C. – March 13, 2024, TEAKO MINERALS CORP. (CSE: TMIN) (the
"Company" or "Teako") is pleased to announce that it has amended its option agreement (the
“Option Agreement”)(see news release dated July 18, 2023) with Capella Minerals Ltd. (TSXV:
CMIL) (or “Capella”), to acquire 100% ownership of the Vaddas and Birtavarre licenses on the
Vaddas project for a cash payment of NOK 315,000 (approximately CAD$40,000) payable to
Capella.
Under the previously announced agreement, the Company acquired a 50% interest in the Vaddas
and Birtavarre licenses for the issuance of 1,000,000 shares to Capella (issued in July 2023), with
the option to acquire the remaining 50% interest by:
• Investing CAD$100,000 in exploration expenditures into the Projects within the first year:
and
• Issuing an additional 250,000 shares on each of the first and second anniversaries of the
option agreement to Capella.
Under the terms of the amended agreement, which supersedes the previous agreement, the
Company paid NOK 315,000 to Capella on March 12, 2024, to acquire the remaining 50% interest
in the Vaddas and Birtavarre licenses for a 100% interest in the project.
Accordingly, the Company has no further obligations to Capella, and will not be required to issue
any additional common shares to Capella, nor will the Company be required to incur
CAD$100,000 in exploration expenditures as previously required under the former option agreement.
The Vaddas and Birtavarre licenses, in which the Company now has a 100% interest, add to the
previously announced 100% owned Vaddas project licenses (see news release dated January 22,
2024), which was realized through staking, meant to expand the Vaddas Project. This means that the Company now owns 100% of all Vaddas Project licenses, the largest copper-cobalt project in
northern Norway (see Figure 1). The Vaddas project measures 796 square km (or 79,600 hectares) and is situated in the past-producing Vaddas-Birtavarre copper-cobalt and zinc volcanic massive sulfide ("VMS") district. see & read more on
https://teakominerals.com/wp-content/uploads/TMIN-NR-2024-03-13-Vaddas-Project-Full-Ownership.pdf