The TSX Venture Exchange has accepted for filing documentation with respect to an arm's-length option agreement dated Aug. 8, 2022, between the company and arm's-length party (the optionor). Pursuant to the agreement, the company will have the option to acquire a 100-per-cent legal and beneficial interest in 87 mineral claims located in Butt township, district of Nipissing, Ont.
In order to exercise its option, the company must: (i) issue an aggregate of 1.9 million common shares to the optionor; and (ii) incur an aggregate of $250,000 in exploration expenditures, over a three-year period.
Further, on exercise of the option, the company will grant a 3.0-per-cent NSR (net smelter return) on the properties in favour of an arm's-length third party, pursuant to an underlying mining claim acquisition agreement on the properties.
For further details, please refer to the company's news releases dated Aug. 10, 2022, and Dec. 2, 2022.
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