This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.Here is a sample of this item:Orex Exploration, Osisko Mining property agreement 2009-11-18 20:28 ET - Property Agreement
The TSX Venture Exchange has accepted for filing the documentation relating to an arm's-length option agreement between the company and Osisko Mining Corp., executed Nov. 11, 2009, and effective as of Sept. 29, 2009. Under the agreement, Osisko is obtaining the option to acquire up to 60 per cent of the Goldboro property and surrounding claims, located in the province of Nova Scotia.
In order to acquire a 50-per-cent undivided interest in the property under the agreement, Osisko must incur a minimum of $8-million in expenses during a minimum period of three years following the date of its signature ($1.5-million of which must be incurred within the first year). Osisko has also been required to invest a minimum of $1.3-million, comprising 13 million units at a price of 10 cents per unit, in the form of a private placement by the company. Each unit comprises one common share and one common share purchase warrant exercisable at a price of 12.5 cents per share over a period of three years following the closing of the private placement.
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