After hours news
United Bolero options 50% interest in Arcadian property
2007-08-22 16:35 ET - Property Agreement
The TSX Venture Exchange has accepted for filing documentation relating to an option and joint venture agreement dated July 31, 2007, between NPN Investment Group Inc. (the optionor) and United Bolero Development Corp. Pursuant to the agreement, the company shall have the option to acquire a 50-per-cent interest in the Arcadian property, located in Nunavut, Canada.
In order to exercise the option, the company must incur a total of $600,000 in exploration expenditures within two years, issue 75,000 common shares to the optionor, pay the optionor $15,000 and assume the obligation to finance 50 per cent of the optionor's obligations under the underlying agreements.
I hope the optionor's obligations don't cost too much.
TA