The TSX Venture Exchange has accepted for expedited filing documentation pertaining to a letter of intent dated March 8, 2021, between White Metal Resources Corp. and Emily Nichols, pursuant to which the company has an option to acquire the Nichols property in the Conmee township in Ontario, which consists of 128 unpatented mining claim cells and three patent lands covering a total of approximately 1,968 hectares. In consideration, the company will make cash payments totalling $150,000 and issue a total of 2.1 million shares, both in stages, over a three-year period, as follows:
- Upon approval, $20,000 cash and 300,000 shares;
First anniversary, $30,000 cash and 400,000 shares;
- Second anniversary, $30,000 cash and 500,000;
Third anniversary, $70,000 cash and 900,000.
In addition and subject to separate exchange approval, the company will issue an additional one million shares in the event of a National Instrument 43-101-compliant economic resource of 750,000 ounces of gold or greater is established on the property.
The acquisition is subject to a 2-per-cent net smelter return royalty, which may be reduced to 1 per cent for a payment of $1-million.
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