Anthem Res receives Chateau Fort payment from Tarku Anthem Res receives Chateau Fort payment from Tarku
2015-06-15 13:08 ET - News Release
Also News Release (C-TKU) Tarku Resources Ltd
Mr. Walter Coles of Anthem reports
ANTHEM RECEIVES PAYMENT FOR CHATEAU FORT, QUEBEC GOLD PROPERTY
Anthem Resources Inc. has received a payment of $10,000 and two million shares of Tarku Resources Ltd. The payment is part of the option agreement for the Chateau Fort gold property in Quebec, announced on March 24, 2015.
Under the terms of the agreement, Tarku can earn a 100-per-cent interest in Chateau Fort, subject to certain underlying diamond rights and net-smelter-return royalties. In return, Tarku shall pay $100,000 in cash and eight million Tarku shares in staged payments over four years. The parties have agreed to modify certain other terms of the agreement by reducing the firm work commitment, to be completed on or before July 10, 2015, from $200,000 to $180,000. In addition, Anthem has agreed to waive the requirement for Tarku to raise $400,000.
On June 11, 2015, Tarku announced it has commenced a 2,100-line-kilometre airborne electromagnetic survey over the property.
Anthem retains a 2-per-cent net-smelter-return royalty on claims not subject to other underlying agreements, of which 1 per cent can be bought down for payment of $2-million. In addition, Anthem retains the right to maintain its pro rata percentage ownership of Tarku, via future financings, and first right of refusal on third party offers to purchase the property.