Hot Chili Executes Option to Acquire Cometa Project in Chile
Execution of the Option follows successful due diligence and is another step in Hot Chili's consolidation strategy for the Costa Fuego copper project.
- Execution of the Option follows successful due diligence and is another step in Hot Chili's consolidation strategy for the Costa Fuego copper project.
- The material terms of the Option are as follows:
Non-refundable cash payment of US$100,000 to Bastion has been satisfied upon grant and execution of the Option. - Non-refundable cash payment of US$200,000 within 12 months from the grant of the Option to keep the Option in good standing.
- If the Option is exercised, the consideration payable to Bastion to purchase the Cometa concessions is:
US$2,400,000 if the Option is exercised by Hot Chili within 18 months from the date of grant of the Option; or
US$3,000,000 if the Option is exercised by Hot Chili within 30 months from the date of grant of the Option.