Callinex Mines (CNX.V) on Tuesday said it signed a termination and assumption agreement with Teck Resources (TECK-A.TO) and Voyageur Mineral Explorers (VSE: VOY).

Teck has agreed to terminate its back-in right to buy up to an additional 90% of certain mineral claims of the Alberts Lake Property, Manitoba. With the termination, Callinex will issue to Teck 150,000 common shares and 75,000 share purchase warrants and each warrant will be exercisable at $2 per share for two years from the closing date. Teck will also get a one-time cash payment of C$1 million within 60 days of a decision being made to commence construction of a mine on the Alberts Lake Property.

"We are pleased to welcome Teck as shareholder of Callinex and provide them with exposure across the Company's entire exploration portfolio. Moving forward we are eager to include this area in future exploration plans to target near surface opportunities to further expand on the expanding high-grade discoveries located immediately to the south," said Callinex Chief Executive Max Porterfield.

Callinex and Voyageur also entered into an amendment agreement to the option agreement whereby the parties removed the final payment of $150,000 of common shares of Callinex on the fourth anniversary of the option agreement. The shares and warrants to be issued to Teck will be subject to restrictions on resale for four months from the date of issue.

Shares of the company closed down $0.03 or 3%, to $0.86, and hit a 52-week low of $0.84 on Monday on the TSX Venture Exchange.