TORONTO, Dec. 31, 2024 (GLOBE NEWSWIRE) — Halcones Precious Metals Corp. (TSXV: HPM) (the “Company” or “Halcones”) announces that further to its news release dated October 28, 2024, the Company has entered into a letter agreement dated December 18, 2024 (the “New Agreement”) between the Company and Austral Exploraciones SpA (“Austral”). The New Agreement supersedes the original letter agreement dated October 25, 2024 (the “Original Agreement”) between the Company and the shareholders of Austral and the Original Agreement has been terminated.
Pursuant to New Agreement, Austral and Halcones have agreed to reduce the number of Halcones shares issued at closing and space out the issuance of Halcones shares over time.
The 50 million Halcones shares originally scheduled to be issued at closing of the option transaction (the “Polaris Option Transaction”) to acquire the Polaris project (the “Polaris Project”) shall now be scheduled as follows:
-
15 million Halcones shares on the closing of the Polaris Option Transaction;
-
20 million Halcones shares on such date that is 8 months from the closing of the Polaris Option Transaction; and
-
15 million shares in the capital of Halcones on such date that is 12 months from the closing of the Polaris Option Transaction.
Each tranche of Halcones shares shall be subject to a statutory four month hold period.
Ian Parkinson, Halcones’ CEO, commented: “The willingness of the optionor to receive their Halcones shares over a period of 12 months is a strong sign of belief and support in the Polaris Project. We have defined a number of very interesting targets on the Polaris Project and look forward to closing the transaction and commencing with our exploration plan.”
Pursuant to the Polaris Option Transaction, Halcones has agreed to complete a minimum of 2,000 meters of drilling on the Polaris project within 12 months of obtaining the permits and approvals to do so.
All other commercial terms in the New Agreement remain unchanged from the Original Agreement. Please refer to the Company’s news release dated October 28, 2024 for further details.
The Company has submitted a draft NI 43-101 technical report and title opinion for the Polaris Project to the TSX Venture Exchange (“TSXV”) and is working to satisfy the TSXV’s conditions to close the transaction.
The Company’s common shares are expected to recommence trading on the TSXV on or about January 6, 2025.
About Halcones
Halcones Precious Metals Corp. is focused on exploring for and developing gold-silver projects in the Maricunga Belt, Chile, the premiere gold mining district in South America. The Company has a team with a strong background of exploration success in the region.
