Reformatted for clarity and commentingIn order to earn a fifty percent (50%) interest in the claims, Xmet has agreed (a) to make a cash payment of $5,000 and issue 1,000,000 common shares to Metals Creek, forthwith after receiving the approval of the Exchange; (b) carry out $60,000 in work obligations, make a cash payment of $15,000 and issue a further 1,000,000 shares to Metals Creek within five months of Exchange approval; (c) carry out a further $150,000 in work obligations and perform a minimum 500m of drilling within one year of Exchange approval; (d) carry out a further $250,000 in work obligations and issue 500,000 shares to Metals Creek within two years of Exchange approval; and (e) carry out a further $425,000 in work obligations and issue 500,000 shares to Metals Creek within three years of Exchange approval. Xmet may then increase its interest from fifty percent to sixty percent within 90 days after earning its fifty percent interest by making a cash payment of $100,000, issuing 1,500,000 shares to the Optionor and conducting $1,000,000 in work obligations over the next year. Xmet may at any time accelerate its obligations to earn its interest earlier. Once Xmet’s interest is earned, the project will continue as a joint venture with Metals Creek. This agreement is subject to the approval of the TSX Venture Exchange (the “Exchange”).
Read more at
https://www.stockhouse.com/companies/bullboard/v.xme/xmet-inc#E36WyQ5B7UVFtggy.99
In order to earn a fifty percent (50%) interest in the claims, Xmet has agreed (a) to make a cash payment of $5,000 and issue 1,000,000 common shares to Metals Creek, forthwith after receiving the approval of the Exchange; (b) carry out $60,000 in work obligations, make a cash payment of $15,000 and issue a further 1,000,000 shares to Metals Creek within five months of Exchange approval; (c) carry out a further $150,000 in work obligations and perform a minimum 500m of drilling within one year of Exchange approval; (d) carry out a further $250,000 in work obligations and issue 500,000 shares to Metals Creek within two years of Exchange approval; and (e) carry out a further $425,000 in work obligations and issue 500,000 shares to Metals Creek within three years of Exchange approval. Xmet may then increase its interest from fifty percent to sixty percent within 90 days after earning its fifty percent interest by making a cash payment of $100,000, issuing 1,500,000 shares to the Optionor and conducting $1,000,000 in work obligations over the next year. Xmet may at any time accelerate its obligations to earn its interest earlier. Once Xmet’s interest is earned, the project will continue as a joint venture with Metals Creek. This agreement is subject to the approval of the TSX Venture Exchange (the “Exchange”).
Read more at
https://www.stockhouse.com/companies/bullboard/v.xme/xmet-inc#E36WyQ5B7UVFtggy.99
In order to earn a
fifty percent interest in the claims from the Optionor, Metals Creek Resources Corp., Xmet has agreed
Year one (or faster - Stage 1 $230K and 2M shares) - basically covers permits, line cutting, IP and Drill Test first hole
(a) to make a cash payment of $5,000 and issue 1,000,000 common shares to the Optionor, forthwith after receiving the approval of the Exchange;
(b) carry out $60,000 in work obligations, make a cash payment of $15,000 and issue a further 1,000,000 shares to the Optionor within five months of Exchange approval;
(c) carry out $150,000 in work obligations
within twelve months of Exchange approval;
Year 2 - (Stage 2 - More drilling - target definition)
(d) carry out $250,000 in work obligations and issue 500,000 shares to the Optionor within two years of Exchange approval; and
Year 3 (Stage 3 - Final drilling on that single target - Resource Estimate prep)
(e) carry out $425,000 in work obligations and issue 500,000 shares to the Optionor within three years of Exchange approval.
Last stage - If it's good value for money - get the extra 10%
Xmet may then increase its interest from fifty percent to sixty percent within 90 days after earning its fifty percent interest by making a cash payment of $100,000, issuing 1,500,000 shares to the Optionor and conducting $1,000,000 in work obligations over the next year. Xmet may at any time accelerate its obligations to earn its interest earlier. Once Xmet's interest is earned, the project will continue as a joint venture with the Optionor.