I agree Web, more going on than we could imagine...
CCY went by the book. Met all obligations with regards to their option agreement. Put Teck on notice through a formal NR.
Look a little closer at Catalyst Copper NR. It would appear that when their (tecks) hand was forced by deadlines they turned the tables on CCY.
Teck has given CCY 30 days to agree to an additional 180 days for Teck to mull over this a little longer or they walk.
Under the proposed Purchase Option, Minera Hill would have 180 days from signing the Definitive Agreement to acquire Teck's interest in the La Verde property by either (1) making a cash payment of $20 million to Teck; or (2) making a payment of $25 million to Teck in a combination of cash and shares (of Catalyst), provided that at least 50% of this consideration is in cash, with the remainder of the consideration paid in shares of Catalyst; provided that Teck's ultimate shareholding in Catalyst does not exceed 19.9%,post issue. In consideration, the Company will agree that if it does not exercise the Purchase Option, the date Teck may elect to invoke its option to increase its interest in the property from 40% to 60% will be extended to the date that is 181 days from the signing of the Definitive Agreement.
If the parties are unable to reach a Definitive Agreement with respect to the Purchase Option by April 2, 2013, the Offer Letter serves as notice to Catalyst that Teck Invokes its option to increase its interest in the property to 60% under the terms of the December 2009 Option Agreement among the parties by incurring $20 million in Expenditures on the La Verde property over a three year period of time.
