On December 3, 2021, the Panoro Minerals completed a sale of 75% of its interest in the its subsidiary, Antilla Copper, S.A. which holds the Antilla project. The acquisition payments are staged and the acquiror, Calisto Cobre Resources Corp. (formerly Heeney Capital Acquisition Company) initially acquired 75% of the shares of Antilla Copper.
An additional 15% of the Panoro’s shares in Antilla Copper is to be sold for a contingent $5,293,000 twelve months after the earlier of drilling permits and community land use agreements being obtained or a PFS or FS is completed on the Antilla Project which will result in Calisto Cobre Resources having a 90% interest in Antilla Copper.
On March 4, 2024, Calisto paid a total of $1,978,259 to Panoro in relation to the Antilla receivable, consisting of $1,807,398, the balance of the Second Payment and accrued interest of $170,861.
At June 30, 2024, the Panoro Minerals retains an interest of approximately 21% in Antilla Copper.
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