RE: RE: NR - potential to acquire 70% land near La My interpretation is that Northair is acquiring 70% of the new land from the private company. It has to be that way because Northair is issuing 1.5 million of its shares as part of the compensation for the purchase - making it the acquiring party.
My interpretation:
*this new agreement covers land in the vicinity of our La Cigarra Project, but located outside and is incremental to our 100% owned La Cigarra property
*the private company will still need to acquire this new land (first) from the current owner
*Northair has a binding agreement in place (now) to purchase 70% of a portion of the new land - the deal will only go through if the private company is successful with its first transaction
``Northair also announces that it has executed a binding agreement with a private company to acquire an interest in a significant land position in the vicinity of its La Cigarra Project. The agreement allows the Company to acquire up to a 70% interest in a portion of the land position by paying $525,000 in cash, issuing 1.5 million Northair shares and spending $2 million in exploration over a 4 year period. The agreement is subject to the private company acquiring the land position; and there is no assurance that such acquisition will be completed. This agreement is subject to all necessary regulatory approvals, including the approval of the TSX Venture Exchange.``