JOR receives ROFR on FMR's Rome project - June 29, 2017https://www.stockwatch.com/News/Item.aspx?bid=Z-C%3aJOR-2483860&symbol=JOR®ion=C
Jourdan receives ROFR on Fairmont's Rome project
2017-06-29 11:45 ET - News Release
An anonymous director reports
FAIRMONT GRANTS RIGHT OF FIRST REFUSAL TO JOURDAN ON ROME LITHIUM PROPERTY ADJACENT TO NA LITHIUM MINE
Jourdan Resources Inc. and Fairmont Resources Inc. have entered into a non-arm's-length letter agreement, pursuant to which Fairmont granted to Jourdan a right of first refusal (ROFR) to acquire a 100-per-cent interest in the Rome lithium property, which is adjacent to North American Lithium's Quebec lithium mine near Val d'Or, Que.
In consideration for the ROFR, which entitles Jourdan to match any offer that Fairmont solicits from a third party for the property until July 22, 2017, Jourdan made a refundable cash payment of $25,000 to Fairmont. In the event that Jourdan chooses not to exercise its ROFR, Fairmont will reimburse the ROFR payment to Jourdan.
Should Fairmont fail to refund the ROFR payment, Fairmont will transfer to Jourdan its option to acquire a 100-per-cent interest in the property in consideration of: (i) a $25,000 cash payment; (ii) 1.5 million common shares of Jourdan; and (iii) a 2-per-cent net smelter return on the property, of which half (1 per cent) may be bought back for $1-million at any time.
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