What are the specific terms and conditions of the amended option agreement, and how do they differ from the original agreement?
Answer
The Globe Newswire release tells us that Refined Energy Corp. (RUU) and Eagle Plains Resources Ltd. (EPL) have executed a new amendment (“Amended Agreement”) on 29 July 2025 to the option agreement that was first signed on 26 February 2024 and already amended once on 30 January 2025.
Below is a summary of what the release actually states, followed by an explanation of what is known versus what is not disclosed* in the public announcement, and finally a brief outline of the typical elements that such amendments usually address (so you can understand what might have changed, even though the exact details are not provided).
1. What the news release explicitly confirms
| Item | Original Option Agreement (Feb 26 2024) | First Amendment (Jan 30 2025) | Current Amendment (July 29 2025) |
|---|---|---|---|
| Underlying right | Refined Energy Corp. has the option to acquire up to a 75 % undivided interest in the Dufferin North and Dufferin West properties (the “Property”) in the Athabasca Basin. | No change to the percentage‑interest right is mentioned. | No change to the percentage‑interest right is mentioned – the amendment continues the same 75 % acquisition right. |
| Date of amendment | — (original agreement) | 30 January 2025 | 29 July 2025 |
| Parties | Refined Energy Corp. (the “Company”) and Eagle Plains Resources Ltd. (EPL) | Same two parties | Same two parties |
| Public disclosure | The original filing disclosed the 75 % option right. | The 30 Jan 2025 amendment was announced, but the release did not detail its content. | The 7 Aug 2025 release announces the new amendment but does not list the specific revised terms. |
Key point: The only concrete fact that the release provides about the Amended Agreement is that it re‑affirms the Company’s right to acquire up to a 75 % undivided interest in the Dufferin North and West properties. No other specific conditions, timelines, or financial terms are disclosed in the public statement.
2. What is not disclosed (and therefore cannot be confirmed)
- Option exercise period – whether the deadline to exercise the option has been extended, shortened, or otherwise altered.
- Payment schedule / consideration – any changes to the amount(s) payable, the timing of payments, or the method of payment (e.g., cash, shares, or a combination).
- Milestones or performance conditions – whether new exploration, drilling, or regulatory milestones have been added or existing ones have been modified.
- Rights to additional acreage – the amendment does not state whether the option now covers any extra parcels beyond Dufferin North and West.
- Termination or forfeiture provisions – any new “force‑majeure” or default clauses are not mentioned.
- Governance or reporting requirements – no details on whether reporting to shareholders, filing of additional documents, or board approvals have been altered.
Because the press release does not contain these specifics, we cannot provide a side‑by‑side comparison of the exact terms of the original agreement versus the current amendment.
3. Typical elements that an amendment to an option agreement may adjust (for context)
While the exact changes for this particular amendment are not public, most option‑agreement amendments in the mining sector address one or more of the following items. Understanding these categories can help you anticipate what might have been revised:
| Category | What an amendment might change | Why it matters |
|---|---|---|
| Exercise window | Extension or reduction of the period during which the option can be exercised (e.g., from 12 months to 24 months). | Gives the option holder more time to complete due‑diligence, financing, or regulatory approvals. |
| Consideration / payment terms | Adjusts the cash amount, introduces a staged payment (e.g., $X at signing, $Y upon drilling), or adds a share‑exchange component. | Aligns the financial burden with the company’s cash flow or market conditions. |
| Milestone conditions | Adds or modifies required exploration, drilling, or environmental‑impact‑assessment milestones that must be met before exercising. | Ensures the target property is sufficiently defined and reduces risk for the grantor. |
| Additional acreage | Expands the option to include adjacent parcels or other project‑related lands. | Provides strategic flexibility for future expansion. |
| Regulatory or permitting requirements | Inserts new permitting steps, or clarifies which party is responsible for obtaining them. | Addresses changes in government policy or local jurisdiction expectations. |
| Termination / forfeiture clauses | Introduces “force‑majeure” events, default triggers, or rights for either party to terminate the option under certain conditions. | Protects both parties against unforeseen events (e.g., commodity‑price collapse, legal changes). |
| Reporting & governance | Requires periodic updates to the board, shareholder disclosures, or filing of supplemental agreements with securities regulators. | Enhances transparency and compliance with exchange or securities‑regulator rules. |
If any of these were part of the July 29 2025 amendment, they would be reflected in the revised legal text, but the current press release does not reveal which, if any, of these items were altered.
4. How the current amendment differs from the original agreement (based on the information we have)
| Aspect | Original (Feb 26 2024) | Current (July 29 2025) |
|---|---|---|
| Percentage interest | Right to acquire up to 75 % of the Property. | Same 75 % right is retained – no change reported. |
| Existence of amendment | No amendment existed at the time of signing. | This is the second amendment (first was Jan 30 2025). |
| Publicly disclosed terms | Only the 75 % interest right was disclosed. | The press release confirms the 75 % interest right but does not disclose any other revised terms. |
| Potential new conditions | Not publicly known. | Not publicly known – any new conditions, timelines, or financial terms are undisclosed. |
Thus, the only documented difference is the fact that the parties have re‑negotiated the agreement and signed a new amendment on 29 July 2025. The substantive content of that amendment (e.g., whether the exercise period was extended, the payment schedule altered, or new milestones added) is not provided in the Globe Newswire article.
5. What to do next if you need the exact terms
- SEC/SEDAR filings – Since Refined Energy Corp. is listed on the CSE and OTC, the company is required to file the amendment (or at least a material‑change notice) with the relevant securities regulator. Check the CSE’s SEDAR portal or the U.S. SEC’s EDGAR system for a filing dated around late July 2025. Those documents will contain the full legal text of the amendment.
- Company press release archive – The “Investor Relations” section of Refined Energy Corp.’s website often posts PDFs of all press releases and accompanying “Option Agreement” attachments.
- Direct request – If the amendment is not yet publicly filed, you may request a copy from Refined Energy Corp.’s corporate secretary or from Eagle Plains Resources Ltd. under the applicable securities‑disclosure rules.
Bottom line
- Confirmed fact: The July 29 2025 amendment re‑affirms Refined Energy Corp.’s right to acquire up to a 75 % undivided interest in the Dufferin North and Dufferin West properties.
- No further details (exercise period, payment terms, milestones, etc.) are disclosed in the Globe Newswire article, so we cannot specify how the amended agreement differs from the original beyond the fact that it is a new amendment.
- To obtain the exact, comprehensive terms, you will need to locate the official filing with the securities regulator (SEDAR/EDGAR) or request the full amendment document from the companies.
If you locate the filing and need help interpreting the legal language, feel free to share the excerpt and I can walk you through the specific changes.