Under the agreement, Waverley will subscribe for one million Chutine shares at a price of 15 cents per share, and receive warrants for another one million shares at 20 cents , exercisable within six months.
Chutine has also revised the terms by which it will aquire all the outstanding shares of Commonwealth Platinum. The new terms call for Chutine to acquire all of Commonwealth’s outstanding shares for $203,823, which will be satisfied by the issuance of 1,358,825 Chutine shares at 15 cents per share.
In other news, Chutine said agreement has been reached with shareholders of Minera Sanex SA to extend the redemption date of a promissory note issued to acquire 49% of Minera Sanex. The new redemption date has been changed to Dec 31 from July 3, 1989. Minera Sanex is a Mexican copper mining company with concessions in the San Antonio district of Sonora State.
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