Remaining 20% Ownership in Olympic Domain Tenements Secured
Melbourne, April 27, 2023 AEST (ABN Newswire) - Cohiba Minerals Limited (ASX:CHK) (CHKMF:OTCMKTS) is very pleased to announce that it has executed a Deed of Settlement and Release (Deed) with Olympic Domain Pty Ltd (OD) in relation to Cohiba's acquisition of the remaining 20% ownership in the OD tenements.
Cohiba's 100% interest in the Olympic Domain tenements will now be formally registered with the Department of Energy and Mining, South Australia.
Following the executed Deed, the Company will issue 40 million fully paid ordinary shares (Shares) to OD with a three-month escrow. The issue of Shares with a deemed issue price of $0.005 per share.
The acquisition of the remaining 20% interest frees management to focus solely on Cohiba's highly prospective ground position in South Australia. The Company has been greatly encouraged by the discovery of high grade copper at its Horse Well Prospect and will continue to assess further drill targets over the coming months. This region is expected to see much increased activity versus recent years, with a number of large companies announcing exploration programs or resource definition drilling at their areas of interest.
Chief Executive Officer Mr Andrew Graham said, "We are pleased to finally come to this agreement and for the Company to own a 100% interest in these Olympic Domain tenements. Our goal remains the same, to build significant shareholder value through the identification of one or more IOCG deposits within our tenement package."
About Cohiba Minerals Limited
Cohiba Minerals Limited (ASX:CHK) is listed on the Australian Securities Exchange with the primary focus of investing in the resource sector through direct tenement acquisition, joint ventures, farm in arrangements and new project generation. The shares of the company trade under the ticker symbol CHK.
The Company recently acquired 100% of the shares in Charge Lithium Pty Ltd, which holds exploration licences in Western Australia.
Cohiba Minerals Limited