Atomic Minerals Corp. has entered into an amending agreement dated effective Feb. 1, 2022, pursuant to which it has agreed to amend the terms of its option to acquire the Gravity Jack property located near Boston Bar, B.C.
The terms of the original option on the Gravity Jack property are set out in an option agreement dated March 24, 2021, and announced in the company’s press release dated June 30, 2021. Among other requirements, the company was required to incur exploration expenditures in stages over stated periods of time, and it was required to issue specified numbers of common shares in its capital to each of the vendors in stages over stated periods of time. These obligations are stated in detail in the company’s press release of June 30, 2021.
In the amending agreement, the parties to the option agreement have agreed to reduce the dollar amount of exploration expenditures that were to have been incurred on or before Aug. 21, 2021, from $200,000 to $127,000, and they have agreed to extend the date by which those expenditures must have been made from Aug. 21, 2021, to Jan. 31, 2022, with an additional two weeks (to Feb. 15, 2022) to make payment to the exploration consultant. In exchange, Atomic has agreed to issue 100,000 common shares in its capital to Raymond Wladichuk (one of the three vendors). In all other respects, the terms of the original option agreement remain unaffected.
The amending agreement — and the issuance of the additional 100,000 common shares to Mr. Wladichuk — are subject to TSX Venture Exchange approval. The company has applied for TSX-V approval, and once approved, the company intends to issue the 100,000 shares at a deemed price of 11.5 cents per share (the price per common share on the TSX-V on Jan. 31, 2022). These common shares will be subject to a regulatory hold period of four months and one day from the date they are issued.
About Atomic Minerals Corp.
Atomic is a Vancouver-based publicly listed uranium exploration company trading on the TSX Venture Exchange. The company is led by a highly skilled management and technical team with numerous previous successes in the junior mining sector.
