The TSX Venture Exchange has accepted for filing the documentation relating to amendments to the original payment schedule relating to a property acquisition agreement of the Whabouchi property dated Sept. 17, 2009, and amended June 11, 2010. According to the original terms the agreement, the company was obligated to pay amounts of $600,000 in cash and 600,000 common shares over the following three years and upon the realization of certain exploration expenses ($12.5-million next year, $15-million the year following and the realization of a prefeasibility study in the subsequent year). The amendment now allows that the previously expected payment of $600,000 in cash will be settled via the immediate issuance of one million common shares at a deemed price of 60 cents per share. In addition, the company is issuing 600,000 common shares, as mentioned above.
Unchanged in the agreement is the obligation of the company to pay a remaining $500,000 in cash and issue 500,000 common shares to the vendor upon completion of a feasibility study on the property.
For further information, please refer to the company's news release dated May 14, 2012.