Colibri Resource Corporation Announces its Intention to Sell its Pitaya Property Interest
Colibri Resource Corporation Announces its
Intention to Sell its Pitaya Property Interest
DIEPPE, NB
,
Dec. 5, 2018
/CNW/ - (CBI: TSX-V) – Colibri Resource Corporation ("Colibri" or
the "Company") wishes to announce that it has entered into a one-year agreement with Agnico Eagle
Mines Limited ("Agnico Eagle") whereby it has agreed to allow Agnico Eagle to exclusively explore
opportunities to dispose of Colibri's joint venture interest with Agnico Eagle on the 6,564 hectare
Pitaya project (the "Project") near Caborca in
Sonora, Mexico
(a "Sale Transaction").
Agnico Eagle may initiate and manage the sales process as well as negotiate, settle, agree to and
complete a Sale Transaction on behalf of Colibri at anytime prior to
November 9, 2019
.
Notwithstanding any provision of the existing Earn-In Agreement between the Company and Agnico
Eagle, the Company shall receive the following consideration in connection with a completed Sale
Transaction and the disposition of its interest in the Project:
in the event that the consideration paid by one or more third parties in connection with a Sale
Transaction is cash, securities or a combination of cash and securities, the Company will
receive its proportionate share of such consideration based on its joint venture interest in the
Project; and
in the event that the consideration paid by one or more third parties in connection with a Sale
Transaction is anything other than cash or securities, the Company will receive a lump sum cash
payment from Agnico Eagle in the amount of
US$500,000
, which amount will represent all
consideration payable to the Company in connection with such Sale Transaction and the
disposition of the Project.
No compensation is expected to be paid by Colibri to Agnico Eagle upon completion of a Sale
Transaction, however, Colibri will be responsible for its closing costs in association with the
transaction should it occur.
About Colibri Resource Corporation:
Colibri is a Canadian-based mineral exploration company listed on the TSX-V (CBI) focused on
acquiring and exploring properties in
Mexico
. The Company currently has five active exploration
properties at various stages of exploration.
The TSX Venture Exchange has neither approved nor disapproved the contents of this news
release.
Neither 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.
The statements made in this news release may contain forward-looking
statements that may involve a number of risks and uncertainties. Actual events or results could
differ materially from the Company's expectations and projections.
SOURCE
Colibri Resource Corporation
View original content:
http://www.newswire.ca/en/releases/archive/December2018/05/c2245.html
%SEDAR: 00021936E
For further information:
Ronald J. Goguen, President, Chairperson and Director, Tel: (506) 383-
4274, [email protected]
CO: Colibri Resource Corporation
CNW 07:00e 05-DEC-18