Three Valley Copper (TSXV:CNL) is one step closer to its goal of 100% ownership of the Minera Tres Valles copper project in Chile. The company has delivered written notice of its intention to acquire the remaining ownership of MTV that SRH Chile SpA doesn’t own to the minority shareholder.
Currently, Three Valley Copper (TSXV:CNL) owns 91.1% of Minera Tres Valles. The company’s shareholder agreement with the minority shareholder holding the remaining 8.9% of the project stipulates that SRH has 30 days from October 2, 20201 to deliver that written notice of its intention to acquire the remaining share of the project.
This would mean moving toward 100% ownership over the following months and determining a purchase price before completing the transaction.
Michael Staresinic, President and CEO of Three Valley Copper, commented, “This is the first step in completing the acquisition of the remaining ownership of MTV. The SHA provides for a sequence of steps to be undertaken in completing this acquisition and the delivery of the call notice is the first step. We believe it will be several months before a purchase price is concluded on and the transaction complete.”
Controlling 100% of the project will allow Three Valley Copper to make decisions faster and more efficiently as it continues to produce Grade A high-quality copper cathodes (99.99%) at the site.
Shares of Three Valley Copper (TSXV:CNL) are up 5% to CAD$0.42 in early Monday morning trading.