Yes....that is what I was told as well, but is it a possibility that once the hard copy was dropped....Teck asked for a gag order?
Okay, I wrote about this about 18 months ago after reading the Teck Earn-Back Option Agreement 10 times.
The 120-day clock starts and Liard share onership transfers apon the delivery to Teck of a positive feasibility study. So step by step, this is what happens:
- Elmer drafts a Copper Fox New Release that announces the delivery of a positive feasibility study to Teck (not sure how much BFS economics detail this would include, but I would guess very little to none). The "Notice of Delivery of a Feasibility study" News Release by Copper Fox is a requirement of the Option Agreement.
1) Elmer delivers the feasibility study and the draft News Release to Teck.
2) Teck, according to the Option Agreement, gets to review ALL Copper Fox News Releases before Copper Fox can release them to the public. There is a reason why this clause is there. The main reason imo is that it is intented to give Teck the opportunity buyout Copper Fox before a BFS is exposed to the public and its competitors.
3) a) Teck approves of the News Release and allows Copper Fox to release it, transfers the Liard shares and 120 days starts from the date of delivery.
or,
3 b)- Teck immediately (within a couple of days max) notifies Copper Fox that they would rather not have the News Release go out and instead that Copper Fox sign a Non-Disclosure Agreement so that buyout negotiations can begin.
Given that a Joint Venture must be formed with 60 days of BFS delievery I can only surmise that the NDA would be set for 60 days. If no deal by 60 days,the NDA lapses and Copper Fox would be free to release the news of a joint venture and news of the time remaining for Teck to decide on a back-in percentage.
I can only hope that Elmer has cultivated a long list of CUU suiters in waiting (to show Teck) so that Teck acts swiftly and generously.
If all else fails, then we should get a publically-exposed bidding war for our interests in Schaft Creek once Teck decides on back-in percentage.
