The TSX Venture Exchange has accepted for filing two option agreements between the company and 1544230 Ontario Inc., a private Ontario company, dated Nov. 23, 2018, for the 100-per-cent acquisition of claims situated in the Dixie Lake and Cabin Bay area, Ontario, known as the Kwai property, and for claims in the Cabin Bay and Longlegged Bay area, Ontario, known as the SLF property. Both properties are subject to a 1.5-per-cent net smelter return (NSR) in favour of the vendor, which has a provision for a 0.75-per-cent buyback for $500,000 each.

In consideration for the acquisition of the Kwai property, the company is required to make staged cash payments over five years totalling $68,000 and share payments totalling 400,000. In consideration for the acquisition of the SLF property, the company is required to make staged cash payments totalling $67,200 and share payments of 400,000 shares of the company.

The transaction is not a non-arm's-length transaction and there were no finders' fees.

For further details, refer to the company's news releases dated Dec. 10, 2018, and March 18, 2019.