Talent signed Amended and Restated Option Agreement with New Terms to Cure Default
Talent Infinity Resource Developments Inc. Signs Amendment to Option Agreement Restating Terms to Rectify Default
the “Company”) (CSE: TICO) has entered into an amended and restated option agreement whereby the Vancouver, British Columbia - (September 17, 2024) - Talent Infinity Resource Developments Inc. (“Talent” or company has negotiated concessions for curing the default.
The company was successful in negotiating an extension to the option terms to cure the default on the following items:
a) to a new total of six years plus five months from the original term of four years plus five months;
b) reducing the 3rd year anniversary payment (or by November 2023) from $250,000 to Nil (effectively skipping any property payments for the 3rd year);
c) reducing the 4th year anniversary payment (or by November 2024) from $400,000 to $100,000; and,
d) a reduction of the company to earn an interest in 70% of the mineral claims from the original 100%
e) negotiated the fifth and sixth years as extensions with a combination of Option Payments and Expenditures required as per the table below.
| Date | Payment Required (in accordance with Section 3.1 Prior to this amendment) | Amended Payments Required as of September 13, 2024 (in accordance with New Section 3.1) |
|---|---|---|
| By July 31, 2021 | $20,000 (paid) | $20,000 (paid) |
| By November 30, 2021 | $50,000 (paid) | $50,000 (paid) |
| On or before the earlier of the second anniversary of the Listing Date or by November 30, 2022 | $50,000 (paid) | $50,000 (paid) |
| On or before the earlier of the third anniversary of the Listing Date or by November 30, 2023 | $250,000 | Nil (had not paid the originally due $250,000) |
| On or before the earlier of the fourth anniversary of the Listing Date or by November 30, 2024 | $400,000 | $100,000 |
| On or before March 31, 2025 | $350,000 Option Payment and $250,000 to be allocated and available to be spent as expenditures in developing the property | |
| On or before the November 30, 2025 | $500,000 as an Option Payment | |
| On or before November 30, 2026 | $1,000,000 as an Option Payment and $2,000,000 to be spent as expenditures in developing the property | |
| TOTAL | $770,000 plus the Phase 1 Development Expenditures | $2,070,000 (Option Payments) and $2,250,000 in Development Expenditures |
A Material Change Report will be filed on SEDAR PLUS with reference to this News Release for the Amendment of the Option Agreement terms to cure the default.
On Behalf of the Board of Directors of Talent Infinity Resource Developments Inc.
Derrick Gaon Chief Executive Officer
(416) 904-1478
About TICO Talent Infinity Resource Developments Inc. is a mineral exploration company focused on the acquisition, exploration and development of critical mineral properties. The Company is based in Vancouver, B.C. and holds an option over the Wildcat Property located in British Columbia.
Disclaimers
This news release contains forward-looking statements based on assumptions and judgments of management regarding future events or results. Such statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements. The company disclaims any intention or obligation to revise or update such statements. For a description of the risks and uncertainties facing the Company and its business and affairs, readers should refer to the Company's Management's Discussion and Analysis and other disclosure filings with Canadian securities regulators which is posted on www.sedarplus.ca. This news release does not constitute an offer to sell or solicitation of an offer to buy any of the securities described stated herein and accordingly undue reliance should not be put on such. No regulatory authority accepts responsibility for the adequacy or accuracy of this release. The Company does not undertake to update this news release unless required by applicable law.