- Allied Copper Corp. (CPR) has terminated its option with Alianza Minerals (ANZ) for the Klondike Copper Property located in Colorado
- The option was for a 100 per cent interest in the property which required Allied Copper to assume $4.75 million in exploration expenditures
- It also included Allied Copper paying $400,000 in cash to joint venture company, Cloudbreak Discovery PLC, and Alianza
- The companies will seek a new partner to conduct follow-up drilling
- Alianza Minerals Ltd. (ANZ) is down 11.11 per cent trading at $0.04 per share as of 12:56 p.m. EST
- Allied Copper Corp. (CPR) is unchanged, trading at $0.22 per share as of 12:57 p.m. EST
Allied Copper Corp. (CPR) has terminated its option with Alianza Minerals (ANZ) for the Klondike Copper Property in Colorado.
The option was for a 100 per cent interest in the property, which required Allied Copper to assume $4.75 million in exploration expenditures over a period of four years. It also included Allied Copper paying $400,000 in cash to joint venture company Cloudbreak Discovery PLC and Alianza during the same period.
Allied Copper would have also owed seven million of its common shares to Cloudbreak and Alianza before the second anniversary of the closing of the transaction.
An additional three million common share purchase warrants also would have been owed by Allied Copper to Cloudbreak and Alianza on the third anniversary of the date of the option agreement.
Alianza holds the Klondike Property within its alliance agreement with Cloudbreak Discovery PLC, where each party holds a 50 per cent ownership in the property. Together the companies will seek a new partner to conduct follow-up drilling.
Alianza Minerals Ltd. (ANZ) is down 11.11 per cent trading at $0.04 per share as of 12:56 p.m. EST.
Allied Copper Corp. (CPR) is unchanged, trading at $0.22 per share as of 12:57 p.m. EST.
