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