Altiplano Amends Net Profits Interest on Farellon
Altiplano Amends Net Profits Interest on Farellon
Edmonton, Alberta--(Newsfile Corp. - April 16, 2020) -
Altiplano Metals Inc.
(TSXV: APN) (WKN: A2JNFG)
("Altiplano"
or the
"Company
"
)
, is pleased to announce that it and Comet Exploration Ltd. ("
Comet
") have negotiated an amendment
("
Amendment
") to the terms of the 10% net profits interest ("
NPI
"), which is capped at $1.5 million, due to Comet from profits
derived from its Chilean projects under the purchase agreement. (see press release dated December 11, 2017).
Alastair McIntyre, CEO commented "We are pleased to conclude this amended agreement with Comet. The strategic decision
to amend the NPI agreement removes $1.3 million in future payment obligations.
Taking the opportunity to purchase the NPI
obligation at this time as we expand operations and prepare to advance on our fit for purpose mill will help fast track Altiplano's
plan to add additional near term cash flowing opportunities."
Under the terms of the Amendment, Altiplano will eliminate the NPI obligation, which was capped at $1.5 million, by making
payments totaling $200,000 as follows:
An installment payment of $50,000 to Comet by April 20, 2020;
A further payment of $50,000 to Comet by October 2, 2020;
A final installment payment of $100,000 to Comet by April 1, 2021; and
Return to Comet for cancellation 500,000 ordinary shares of Comet held by Altiplano.
About Altiplano
Altiplano Metals Inc. (TSXV: APN)
is a mineral exploration company focused on evaluating and acquiring projects with
significant potential for advancement from discovery through to production, in Canada and abroad.
Management has a
substantial record of success in capitalizing on opportunity, overcoming challenges and building shareholder value.
Additional
information concerning Altiplano can be found on its website at
www.apnmetals.com
.
ON BEHALF OF THE BOARD
/s/ "John Williamson"
Chairman
For further information, please contact:
Jeremy Yaseniuk, Director
Tel: (604) 773-1467
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the (TSX
Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This release includes certain statements that may be deemed "forward-looking statements". All statements in this release,
other than statements of historical facts, that address exploration drilling, exploitation activities and events or developments
that the Company expects are forward-looking statements. Although the Company believes the expectations expressed in
such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future
performance and actual results or developments may differ materially from those in the forward-looking statements. Factors
that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation
and exploration successes, continuity of mineralization, uncertainties related to the ability to obtain necessary permits,
licenses and title and delays due to third party opposition, changes in government policies regarding mining and natural
resource exploration and exploitation, and continued availability of capital and financing, and general economic, market or
business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual
results or developments may differ materially from those projected in the forward-looking statements. For more information
on the Company, investors should review the Company's continuous disclosure filings that are available at
www.sedar.com
.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/54550