Alexis River-ownershipAlexis River
Location:
The Alexis River property is located in south eastern Labrador, Canada, approximately 230 kilometres east-south-east of Goose Bay.
Size:
2,500 hectares approximately.
Ownership:
Monroe may earn a 60% interest in the Alexis River property over four years by spending $1,250,000 on exploration, including a minimum first year commitment of $175,000; and making share payments to Altius Resources Inc. of 2,500,000 Monroe shares, including 500,000 shares on signing and 2,000,000 shares divided equally over four years to be paid on each anniversary of the agreement.
Upon Monroe fulfilling its earn-in obligations, Altius may elect to either (a) form a 60:40 joint venture, with each partner contributing its pro-rata share of future expenditures (Altius retaining the right to dilute to a 10% net profits interest); (b) convert its interest to a sliding scale royalty tied to the uranium price and ranging from 2-3% gross sales royalty on uranium (and 2% net smelter royalty on base and precious metals); or (c) elect to convert to a 30% interest, which will be carried through to completion of a pre-feasibility study. Upon completion of the pre-feasibility study Altius may elect to contribute its pro-rata share of future expenditures or to convert its interest to a 2% gross sales royalty on uranium (and 2% net smelter royalty on base and precious metals).
https://www.monroeminerals.com/s/AlexisRiver.asp