Cloudbreak Discovery, London battery metals company, and Temas Resources enter JV for Piskanja Borate Project.
Cloudbreak Discovery PLC (LSE: CDL), the natural resource project generator, announces Temas Resources Corp. (CSE: TMAS, OTCQB: TMASF, FSE: 26P) (“Temas” or “Temas Resources”), in which Cloudbreak has a 15.8 per cent interest, and Erin Ventures Inc. (“Erin Ventures”) have entered into a definitive option and joint venture agreement (the “Option Agreement”) for the joint development of Erin Ventures’ Piskanja Borate Project located in Serbia (the “Piskanja Project”).
Pursuant to the Option Agreement, Temas Resources may earn a 50 per cent interest in the Piskanja Project by (a) issuing to Erin Ventures 250,000 common shares and 250,000 Temas warrants (each exercisable to acquire a common share for a period of 48 months from issuance, at an exercise price equal to the market price of the common shares less the maximum allowable discount pursuant to stock exchange policies) within five business days after the effective date of the Option Agreement, and (b) incurring an aggregate of €10,500,000 in expenditures on the Piskanja Project.
The Option Agreement may be terminated in certain circumstances, including by Erin Ventures if certain milestones are not met in accordance with specified timelines. Upon exercise of the option by Temas Resources, a joint venture will be formed, and Erin Ventures and Temas Resources will become associated as joint venturers to further advance the Piskanja Project.
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Kyler Hardy, CEO of Cloudbreak Discovery, commented:
We are pleased to see Temas’ progress on this joint development agreement and look forward to seeing the commencement of the work programmes at the Piskanja Project as part of the expenditure requirements.
“This news further supports our business model, and we look forward to updating the market with further news in due course.”
Michael Dehn, President and CEO of Temas Resources, states:
We are thrilled to enter into this definitive option agreement with Erin Ventures.
“At Temas, we are looking forward to furthering the development of the Piskanja Boron Property in Serbia along-side Erin Ventures. We have jointly developed a very robust exploration plan and anticipate announcing details in the coming weeks.”
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Joint Development of the Piskanja Boron Project, June 22, 2021
