The TSX Venture Exchange has accepted for filing documentation pertaining to an option agreement dated Sept. 10, 2019, between Metallic Minerals Corp., Boren Resources LLC and Sperrylite LLC, whereby the company may acquire a 100-per-cent undivided interest in certain mineral claims (the La Plata property), located in southwest Colorado.
The total consideration consists of $500,000 (U.S.) in cash and the issuance of 10 million units over a four-year period upon the achievement of certain milestones. The vendors will retain a 2-per-cent net smelter return (NSR), which may be reduced to 1.5 per cent upon payment of $500,000 (U.S.). Each unit consists of one common share and one-half of one common share purchase warrant. Each whole warrant is exercisable into one common share for a period of three years from the issuance at 120 per cent of the 20-day volume weighted average price (VWAP) of the common shares on the day prior to issuance.
For further details, please refer to the company's news release dated Sept. 10, 2019.
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