The TSX Venture Exchange has accepted for filing an option agreement dated Oct. 13, 2016, between the company and 2522962 Ontario Inc. (Ian Martin, Kevin Filo, Natasha Blackburn, George Pirie, Bob Breese and Ingrid Hibbard). Pursuant to the terms of the agreement, the company may acquire a 100-per-cent interest in the Grenfell property in Ontario. By way of consideration, the company will make cash payments totalling $200,000 and will issue one million shares in stages at a deemed price of 36 cents per share.

The property is subject to a number of underlying royalties in favour of certain third parties. 2090720 Ontario Inc. and 22299667 Ontario Inc. have a combined buyback right of 0.5 per cent on a 2-per-cent net smelter return (NSR) on certain leases within the property. The company has entered into a letter agreement dated Oct. 13, 2016, with these parties to transfer their interests in the buyback to the company. Consideration for this transfer is 250,000 shares of the company, issuable once the option has been exercised in full.

Please refer to the company's news release dated Oct. 19, 2016, for further details.