There were a number of companies that had come onto the radars of investors one way or another, and one of those was Callinex Mines Inc. (OTCQX: CLLXF). The company hit the news wires yesterday after it announced the termination of an agreement. It may be worthwhile to take a closer look into the announcement this morning.
The Development
Callinex Mines announced yesterday that it had inked a termination and assumption agreement with Teck Resources Limited and Voyager Mineral Explorers. By way of that agreement Teck would cancel its back-in right to acquire the maximum of 90% of some of the mineral claims at the Alberts Lake Property. In the news release, the company also noted that it held an option to complete the acquisition of the entirety of the Alberts Lake Property in line with the option agreement with Voyager.
Key Details
In order to complete the agreement, Callinex would issue as many as 150,000 common shares in the company and 75,000 purchase warrants in Callinex. Each of the warrants would be exercisable for the price of $2 a share up until two years since the date of closing. It remains to be seen if the stock ends the week with some attention or not.
Key Quote
Max Porterfield, President and CEO of Callinex, stated, “We are pleased to welcome Teck as a shareholder of Callinex and provide them with exposure across the company’s entire exploration portfolio. Moving forward, we are eager to include this area in future exploration plans to target near-surface opportunities to further expand on the expanding high-grade discoveries located immediately to the south.”
