The TSX Venture Exchange has accepted for filing documentation pertaining to a mineral claims option agreement dated May 16, 2022, between the company and an arm's-length party (the optionor), whereby the company can acquire a 100-per-cent interest in five mineral claims.
Under the terms of the agreement, the company will earn a 100-per-cent interest in the property by making $1-million in cash payments over a 10-year period. The optionor will retain a 2.0-per-cent net smelter return royalty on the property, which will reduce to a 0.5-per-cent royalty after $10-million has been paid in respect of the royalty.
In connection with the first payment under the agreement and further to the exchange bulletin dated Dec. 11, 2019, the exchange has accepted for filing the company's proposal to issue 1,176,470 bonus warrants to Robert Dickinson in consideration of a loan amendment. The loan amendment increased the principal amount by $100,000 for a total aggregate principal amount of $1.1-million. The loan has an interest rate of 10 per cent and matures on Nov. 26, 2024. Each bonus warrant issuable in connection with the amendment is exercisable into one common share at a price of 8.5 cents per share for the term of the loan. The lender may lend additional short-term funds against actual and anticipated accounts receivables of the company, with such additional loans bearing interest at a rate of 12 per cent per annum.
Insider: Robert Dickinson, 1,176,470
For further details, please refer to the company's news releases dated May 25, 2022, and June 15, 2022.
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