The TSX Venture Exchange has accepted for filing documentation pertaining to an agreement dated Oct. 18, 2019, between Vanadiumcorp Resource Inc. and 11626191 Canada Inc. (the optionee).
Pursuant to the agreement, the optionee may earn a 100-per-cent interest in Vanadiumcorp's Iron-T property in Quebec.
The agreement contains a three-stage earn-in, where the optionee will have the right to:
- Earn a 75-per-cent interest on completion of $5-million (U.S.) of exploration expenditures and $1-million of cash and payments to Vanadiumcorp within the fourth anniversary of the signing of the agreement;
- Earn an additional 10-per-cent interest on completion of preliminary economic assessment;
- Earn an additional 15-per-cent interest on completion of a positive feasibility study.
For further information, please refer to the company's news releases dated Oct. 30, 2019, and March 11, 2020.
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