Canadian Palladium Amends Terms of Share Purchase Agreements

Critical Minerals & Rare Earths

February 2, 2021 (Source) — Canadian Palladium Resources Inc. (CSE: BULL) (FSE: DCR1) (OTCQB: DCNNF) (“Canadian Palladium or the Company“) announces that it has agreed to amend the terms of its previously entered into share purchase agreements dated July 6, 2018 (the “Purchase Agreements“) pursuant to which the Company agreed to acquire both Tisová Pty Ltd. (“Tisova“) and TGER Pty Ltd. (“TGER“), being the owners of certain mineral concessions located in the Czech Republic and Germany (the “Properties“). The Properties are comprised of two concession and four concession application parcels comprising 15,929 ha in both Germany and the Czech Republic.

Under the terms of the Purchase Agreements, the Company still had the obligation to incur an aggregate $3 million in exploration expenditures on the Properties over a three year period ending July 1, 2022 and issue an aggregate of 4 million common shares of the Company to the vendors (“Vendors“) immediately upon incurring such exploration expenditures. The Company has agreed with the Vendors that, notwithstanding the provisions of the Purchase Agreements, upon the Company immediately issuing an aggregate of 3,000,000 common shares to the Vendors, the Purchaser shall own all of the shares of Tisova and TGER (and indirectly, the Properties) unconditionally and absolutely and shall have no further obligations to the Vendors under the Purchase Agreements.

The Company and the Vendors have also agreed that one-third of the common shares being issued to the Vendors shall be restricted from being traded before August 1, 2021, another one-third of the common shares shall be restricted from being traded before November 1, 2021 and the final one-third of the common shares shall be restricted from being traded before February 1, 2022.

For additional information please contact:

Canadian Palladium Resources Inc.
Wayne Tisdale, President and CEO
T: (604) 639-4452

Reader Advisory

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