The TSX Venture Exchange has accepted for filing a property option agreement dated Nov. 9, 2021, between Valore Metals Corp. (the vendor) and Azincourt Energy Corp., whereby the company wishes to acquire the right to acquire up to a 75-per-cent interest in and to a series of six mineral claims, located in the province of Saskatchewan and covering an area of approximately 13,711 hectares, commonly referred to as the Hatchet Lake uranium project.
Consideration, staged over a three-year period, is $850,000 cash, $1.75-million in common shares at a deemed price equivalent to the 20-day VWAP (volume weighted average price) immediately prior to the issuance of any particular consideration shares, subject to a minimum price of five cents, and $4-million in exploration expenditures.
In the event the rights granted pursuant to the property option agreement are exercised in full, the company will hold a 75-per-cent interest in the property, and the company and the vendor will negotiate the terms of a joint venture for the mutual advancement of the property. In the event that the company cannot complete the final cash payment ($250,000) and shares issuance ($500,000), and incur the final expenditure ($2-million), the company will have earned a 50-per-cent interest in the property.
CDM Capital Partners Inc. (Darryl Cardey and Darren Devine) will receive a finder's fee totalling $105,000.
For more information, refer to the company's news release dated Nov. 10, 2021.
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