JFSL PURCHASE EXTENSION Was NEGOTIATED After 3/31/2024from FT Q1/2024 IFS On May 14, 2024: i. NICO Project, Northwest Territories [“NICO”]
The NICO project and the related leases in the Marian River Area, Northwest Territories are wholly owned by the Company.
In January 2022, the Company entered into an option to purchase a brownfield site in Alberta [the “2022 Option”]. The site was formerly a steel fabrication plant, and the Company had until July 2022 to carry out additional due diligence and complete the purchase for $5.5 million. A nonrefundable deposit of $100,000 was paid as part of the 2022 Option. In July 2022, the Company entered into an extension to the 2022 Option extending the option to September 30, 2022, in consideration for the payment of $15,000 per month, deductible from the purchase price, provided the option has not been exercised on or before the date the consideration is due. The 2022 Option is also subject to the Vendor’s right to list the property, subject to Fortune’s right of first refusal or to complete the option purchase for any month an extension payment has been made at the agreed purchase price. The option has been extended on the same terms as the original extension and is set to expire on May 15, 2024 with an increase in monthly option payment of $25,000 and $12,500 for April and May 2024, respectively. Subsequent to March 31, 2024, the Company has negotiated a further extension of the term of the option with payment of a $1,000,000 deposit by May 21, 2024 and completion of the acquisition by June 28, 2024. As at March 31, 2024, the Company has made a total of $400,000 [December 31, 2023 - $355,000] in payments as part of the agreement.
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- S/O @ March 31, 2024: 499,643,862
- 5,400,000 options with a exercise price of $ 0.11 EXPIRED in Q1/2024
- Options Outstanding: 22,800,000 with a WAEP of
$ 0.07
- Warrants Outstanding: 33,541,106 with a WAEP of
$ 0.08
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