Chris Heminway, Exec-Chair at Time To ACT, explains why now is the right time for the Group to IPO. Watch the video here.
Just received an email from Cornerstone. Sorry if already posted. How does it affect us?
20-38 - Newcrest Exercises Option to move to Stage One under its farm-in agreement at Cornerstone’s Miocene gold-copper Project, Chile
Ottawa, ON, Canada: Cornerstone Capital Resources Inc. (“Cornerstone” or “the Company”) (TSXV:CGP) (Frankfurt:GWN) (Berlin:GWN) (OTC:CTNXF) is pleased to announce that Newcrest International Pty Limited (“Newcrest”), a subsidiary of Newcrest Mining Limited (ASX, TSX: NCM)), having completed its initial minimum work commitment of US$1.1 million at the Miocene gold-copper project in Chile (the “Project”), has elected to exercise its option to advance to Stage 1 under the Farm-in Agreement between them dated December 7, 2018 (see Cornerstone news release dated December 10, 2018).
In connection with this option exercise, Newcrest will be making a payment of US$500,000 to Cornerstone (see Miocene Farm-in Agreement Terms, below).
Due to the COVID -19 pandemic, drilling has been deferred and is now planned in the next austral summer season between December 2021 and April 2022
Figures referred to in this news release can be seen in PDF format by accessing the version of this release on the Company’s website (www.cornerstoneresources.com) or by clicking on the link below: https://cornerstoneresources.com/site/assets/files/5790/nr20-38figures.pdf.
Miocene Farm-in Agreement Terms (all $ are US$)
• Newcrest has the option to earn up to a 75% interest in the Project in stages, as follows:
o Initial option period: making an up-front payment to Cornerstone of $100,000 (paid), and spending a minimum of $1.1 million (completed);
o Stage 1 (4 years): paying $500,000 to Cornerstone and spending a further $8 million (with a minimum of $500,000 in each year to maintain the option) to earn a 51% interest in the Project (49% if Newcrest does not proceed with Stage 2) (such interest to be held through shares in a newly incorporated Chilean company);
o Stage 2 (2 years): paying $650,000 to Cornerstone and completing a positive Preliminary Economic Assessment in accordance with National Instrument 43-101 on any target area in the Project, to increase its interest in the Project to 65% (Newcrest may extend Stage 2 to 3 years by paying Cornerstone $250,000); and
o Stage 3 (2 years): incurring expenditures of $100 million or completing a bankable feasibility study (BFS), whichever occurs first, to increase its interest in the Project to 75% (Newcrest may extend Stage 3 by up to an additional 2 years by paying $500,000 to Cornerstone for each 1 year extension).
• If Newcrest earns a 75% interest, Cornerstone will have the option for 90 days to convert 5% (1/5th) of its 25% project equity into a 1% net smelter returns (NSR) royalty. Newcrest will have the right to buy down the royalty to 0.5% NSR at fair market value after delivery of the BFS.
• Cornerstone’s has a carried interest until the earlier of the following: the end of S
I cut my teeth on a 1955 English Electric Deuce. Here is a link:https://en.wikipedia.org/wiki/English_Electric_DEUCE
I learned machine code and Alphacode. We used paper tape input and output to teletype printers. I moved onto ICL system 4-50 mainframes, using Algol, Cobol, Fortran and Usercode. IBM 360/370 mainframes were my next port of call, followed by IBM mid-range for 20 years. I finally left IT in 2003. I had a great time, almost 35 years. Those really were the pioneering days. I chuckle when I hear people talk of Y2K. It was people like myself who wrote the date routines which were of the dd/mm/yy format. We could not afford the extra two bytes at the time.