The TSX Venture Exchange has accepted for filing an option agreement dated April 29, 2009, between Lions Gate Metals Inc. and John Bot whereby the company will acquire a 100-per-cent interest in 16 mineral claims known as the Poplar Lake claims located in northwestern British Columbia.
Total consideration consists of 100,000 shares of the company to be issued over a four-year period.
In addition, there is a 1-per-cent net smelter return relating to the acquisition. The company may at any time purchase 1 per cent of the net smelter return for $100,000 (less any net smelter return payments previously made) in order to reduce the total net smelter return to nil.
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