The TSX Venture Exchange has accepted for filing the documentation relating to an acquisition agreement dated Nov. 8, 2021, between the company, and David O'Neil and Barry Hachey, in connection with the acquisition of a 100-per-cent interest in the South East Moose Brook property, comprising 30 mining claims, located in northern New Brunswick.
Pursuant to the agreement, the company shall issue 200,000 common shares over a 24-month period and pay $10,000 in cash. The agreement also includes additional performance payments totalling $175,000.
The vendor will retain a 2-per-cent net smelter return (NSR) royalty on any saleable production from the property. Of the NSR royalty, a 1-per-cent royalty may be purchased by the issuer for $1-million. The company retains a right of first refusal on the remaining 1-per-cent NSR royalty that is held by the vendor.
For further information, please refer to the company's news release dated Feb. 1, 2022.
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