MGX minerals and AMP.Marketable Securities The Company’s marketable securities consist of shares in Power Metals. The fair market value of the shares is summarized as follows:
Number of shares October 31, 2017 Number of shares 1,000,000 worth $ 440,000 The fair value of the shares at October 31, 2017 has been determined by reference to the closing price of the shares on the TSX-V on October 31, 2017.
At the date, the closing price was $0.44 (July 31, 2017 – $0.28).
On September 26, 2017, the Company’s joint venture partner, Power Metals, has signed the definitive agreement with MGX Minerals Inc. (“MGX”) previously announced through a binding letter of intent agreement on August 2, 2017.
The concluded transaction terms are as follows:
• MGX acquires all of Power Metals' current U.S. petrolithium brine assets;
• MGX acquires a 20% working interest in all of Power Metals' current hard-rock assets and any future assets that Power Metals acquires for the following 36 months;
• MGX has the right to purchase an additional 15% working interest of Power Metals' hard-rock assets for a period of 36 months for a total of $10-million;
• MGX receives a call option to purchase up to 10 million common shares of Power Metals at a price of 65 cents per share for a period of 36 months; and
• MGX pays to Power Metals three million common shares of MGX; Final completion of the transaction is subject to final regulatory approval from both the CSE and the TSX Venture Exchange. On October 26, 2017, the Company signed a six-month extension agreement with MGX. This extension applies to its joint venture option agreement dated April 3, 2017. The extension agreement extends the financing requirement of the first well to March 31, 2018, and the second well to 12 months after September 30, 2018. The Company also waived the requirement of the USD$250,000 deposit which was included in its April 3, 2017 agreement.