OTCPK:MEDVF - Post by User
Post by
Ride_The_Hype2on Feb 01, 2011 4:59pm
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Post# 18057796
Copper One agreement for Riviere Dore
Copper One agreement for Riviere DoreCopper One agreement for Riviere Dore
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2011-02-01 16:35 ET - Property Agreement
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Also Property Agreement (C-ECR) Cartier Resources Inc (2)
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The TSX Venture Exchange has accepted for filing a letter of intent dated Oct. 18, 2010, between Copper One Inc. and Cartier Resources Inc., whereby Copper One may acquire from Cartier up to a 75-per-cent interest in a property that consists of 904 map designated claims covering approximately 52,423 hectares in the province of Quebec. In consideration, the company will pay $250,000 (none in the first year) in cash and issue 350,000 common shares (none in the first year) to Cartier on or before Dec. 31, 2015. The exploration expenditures are in the amount of $5-million ($750,000 in the first year) on or before Dec. 31, 2015, in order to earn a 51-per-cent interest in the property. To earn the additional 24-per-cent interest, the company is required to complete a definitive feasibility study, or making further cumulative expenditures of $20-million on or before Dec. 31, 2020.
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There will be a finder's fee payable to Axemen Resource Capital Ltd. in the amount of 265,625 common shares upon exchange approval. A further 135,625 common shares may be payable to Axemen when the company has acquired the initial 51-per-cent interest in the property.
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