The TSX Venture Exchange has accepted for filing an option agreement among Lucky Minerals Inc., Grand Peak Capital Corp. and Grand Peak Mexico S.A. de C.V. (GP Mexico) dated Nov. 28, 2012. Under the agreement, Grand Peak has granted to Lucky an option to acquire up to a 100-per-cent interest in the certain exploration claims located in Guererro state, Mexico, known as the Vianey and El Jabali mining concessions, which are held by GP Mexico in trust for Grand Peak. In order to exercise the option, Lucky must make the following cash payments to the optionor:
- $100,000 upon the issuance of this exchange bulletin;
- $200,000 on or before Dec. 1, 2013;
- $100,000 on or before June 1, 2014;
- $100,000 on or before Dec. 1, 2014;
- $100,000 on or before June 1, 2015;
- $100,000 on or before Dec. 1, 2015.
Lucky must also incur exploration expenditures on the property as follows:
-
$125,000 on or before Dec. 31, 2013;
- An additional $250,000 by Dec. 31, 2014;
- An additional $450,000 by Dec. 31, 2015.
The optionor will retain a 2-per-cent net smelter royalty (NSR). Lucky may purchase 1 per cent of the NSR for $1-million at any time until Dec. 1, 2015.
For further information, please see Lucky's news release dated Nov. 28, 2012, and Grand Peak's news release dated Nov. 29, 2013, which are both available under the respective company profiles on SEDAR.
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