The TSX Venture Exchange has accepted for filing the documentation relating to an option agreement dated Feb. 18, 2022, between the company, and 9248-7792 Quebec Inc. and Prospect Or Corp., in connection with the option to acquire a 100-per-cent interest in the Williams Proximite property, composed of 341 claims, located in northern New Brunswick contiguous to the Williams Brook North property.
Pursuant to the agreement, the company shall make payments totalling $180,000 and issue up to one million common shares to the vendors over a three-year period, in order to acquire a 100-per-cent interest in the property.
The vendors will retain a 2-per-cent net smelter return (NSR) royalty on any saleable production from the property. Fifty per cent 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 vendors.
For further information, please refer to the company's news release dated March 1, 2022.
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