The TSX Venture Exchange has accepted for filing documentation pertaining to an option agreement dated Sept. 20, 2023, between Spruce Ridge Resources Ltd. and arm's-length party, Benton Resources Inc. Pursuant to the agreement, the purchaser has an option to acquire up to a 70-per-cent interest in the company's Great Burnt copper/gold property, located in central Newfoundland.

In order to exercise the option, the purchaser must: (i) pay the company an upfront cash consideration of $40,000; (ii) issue 15 million common shares of the purchaser to the company; and (iii) incur an aggregate of $2.5-million in exploration expenditure on the property over the 36-month term of the agreement. On exercise of the option, the property will be held in a 70/30 joint venture (JV) limited liability company (LLC) between the purchaser and company, respectively. In the event that either party is diluted below a 10-per-cent interest in the JV, its interest would convert to a 2-per-cent net smelter return (NSR) royalty. Further, the agreement will continue to be subject to certain legacy NSRs.

For further details, please refer to the company's news releases dated Aug. 17, 2023, and Sept. 29, 2023.