TSX approval of option agreement The TSX Venture Exchange has accepted for filing documentation pertaining to a Pic River PGM (platinum group metal) option agreement dated Jan. 28, 2020, between the company and several arm's-length parties, whereby the company can acquire a 100-per-cent undivided unencumbered legal and beneficial interest in and to the Pic River PGM project claims located in Foxtrap Lake and Grain township, Thunder Bay mining district.
Under the terms of the agreement, the company will issue to the vendors up to 1.65 million common shares, pay $125,000 in cash and commit $160,000 in exploration during the period of four years from closing. Additionally, the company has agreed to issue up to two million common shares, if platinum equivalent identified on the property exceeds one million ounces and upon a positive bankable feasibility study. The vendors are entitled to a 3-per-cent net smelter return (NSR) royalty from the company's sales of any ores, mineral resources or mineral products excluding diamonds, and a 3-per-cent gross overriding royalty (GOR) from the production of diamonds. The company can purchase up to 1.5 per cent of the NSR and 1.5 per cent of the GOR for $1.5-million each.