Red Pine agreement for 30% Ontario claim interestRed Pine agreement for 30% Ontario claim interest
2010-03-17 16:09 ET - Property Agreement
The TSX Venture Exchange has accepted for filing documentation pertaining to a purchase and sale agreement dated Dec. 7, 2009, between Red Pine Exploration Inc. and the Lovold party. Pursuant to the agreement, the company shall acquire an additional 30-per-cent interest in 12 unpatented mining claims located in Dore township, Porcupine mining division, Ontario. The company currently holds a 59-per-cent interest in this property, thereby increasing its interest in the property to 89 per cent.
As consideration, the company must pay the vendors an aggregate of $20,000 and issue 125,000 common shares. The vendor has a 0.6-per-cent net smelter royalty (NSR) on the property. The company has the right, at any time, to buy 50 per cent (or 0.3 per cent) of this NSR by making an additional payment of $300,000 to the vendor.
For further information, please refer to the company's press release dated March 16, 2010.