Rmo Options SeagullSame old pattern. Minority interests in several property and no flagship. What's the companie's focus?? What's the company's plan to increase shareholder's value? Please, don't say Norton as that doesn't have a hope in hell!
Sam
Rainy Mountain Royalty Corp. has granted an option to Minfocus International Inc. of Toronto, Ont., entitling the optionee to earn an interest in the company's jointly owned Seagull property. The Seagull property is a platinum group element property and is located approximately 90 kilometres north-northeast of Thunder Bay, Ont. (via Highway 527).
The Seagull property is currently owned by Black Panther Mining Corp. of West Vancouver, B.C. (as to a 40-per-cent interest), with Trillium North Mineral Ltd. of Toronto, Ont., and Rainy Mountain each owning a 30-per-cent interest. Under the option agreement, the optionee has the initial option to earn a 55-per-cent interest in the property from the optionors collectively upon paying the sum of $55,000 and issuing 50,000 shares of Minfocus (which shares and cash payment will be allocated to the optionors on a pro rata basis). Additionally, the optionee is required to pay the Optionors $25,000 (in cash and/or shares of the optionee) on the 12-month anniversary, the 24-month anniversary and the 36-month anniversary of the option agreement. Also, the optionee is required to incur exploration expenditures on the Seagull property in the amount of $250,000 in each year of the four-year initial option term.
As well, the optionee can earn a 70-per-cent interest in the Seagull property by incurring an additional $2-million in expenditures against the property during the initial four-year option term. Further, the optionee has the right to increase its interest to 85 per cent by completing a feasibility study on the property within a five-year period following the initial option term.