EXPM:HRTFF - Post by User
Comment by
justrelax2on May 29, 2020 10:55pm
108 Views
Post# 31090944
RE:Page 13,14..new targets-possibly,likely Maximos targets
RE:Page 13,14..new targets-possibly,likely Maximos targets
On June 6, 2019, the Company entered into a service agreement with Maximos Metals Corp. (“Maximos”) by which Maximos provided technical data in respect to the Sugar Zone property. Upon receiving the technical data, the Company issued 1,000,000 options to Maximos on July 4, 2019. The options have a term of five years and an exercise price of $0.27 per common shares. Such options will vest and become exercisable upon satisfaction of the following conditions: 1) 50,000 options vested immediately upon the Company receiving the technical data; 2) 250,000 options will vest upon the discovery of economic mineralization on one or more Maximos targets; and 3) 700,000 options will vest upon preparation of an executed resource report, outlining resources totaling at least 500,000 Au equivalent ounces. The Company also granted Maximos a bonus option grant under certain circumstances (see note 20