Teako Enters Into Share Purchase Agreement to Acquire Cuprita Minerals Inc.; Securing Access to Portable Assessment Credits

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Overig advies 30/01/2024 11:05
Vancouver, British Columbia--(Newsfile Corp. - January 29, 2024) - TEAKO MINERALS CORP. (CSE: TMIN) (the "Company" or "Teako") is pleased to announce that it has acquired (the "Acquisition") all of the issued and outstanding shares of Cuprita Minerals Ltd. ("Cuprita") in exchange for the issuance of 3,500,000 common shares in the capital of Teako ("Common Shares") pursuant to the terms and conditions of a share purchase agreement (the "Share Purchase Agreement"). The Share Purchase Agreement replaces and supersedes the prior purchase and option agreement dated July 18, 2023 (the "Prior Agreement") with Cuprita, which provided for the purchase of the Yellow Moose project in the Nechako Plateau region of north-central British Columbia, Canada (the "Yellow Moose Project") (see news release dated July 21, 2023) and is a strategic move to secure access to the aggregate of Cuprita's Portable Assessment Credits ("PACs") amounting to a total of C$248,732. Cuprita functions as a nominal entity, devoid of significant assets or liabilities on its balance sheet, with the exception of the Yellow Moose Project, at the time of acquisition.

The acquisition of Cuprita and its PACs represents a decision as part of the recently announced focus on Norway and Finland (see news release dated January 18, 2024). This action is taken with the singular goal of maintaining our British Columbia, Canada, projects in good standing while the Company explores various alternatives, including the potential of partnering with other parties or selling the projects, as part of its ongoing commitment to maximizing shareholder value. Investors will be regularly informed of developments, ensuring transparency and continuous engagement with our valued stakeholders.

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