Matamec Announces the Grant of an Option to Purchase.......Matamec Announces the Grant of an Option to Purchase Agreement to Sayona Quebec Inc. Matamec Announces the Grant of an Option to Purchase Agreement to Sayona Quebec Inc.
MONTRAL, QUBEC--(Marketwired - Jan. 22, 2018) - Matamec Explorations Inc. ("Matamec" or the "Company") (TSX VENTURE:MAT)(OTCQB:MHREF) announces that is has granted an option to purchase agreement for 65 claims of its Tansim property to Sayona Qubec Inc., ("Sayona") a wholly owned subsidiary of Sayona Mining Corp., of Australia.
The option is valid for two (2) years from the date of its signing. In the first year, Sayona may acquire a 50% interest in 65 claims located in the Tmiscamingue, QC area by spending $103 587.12 to cover the renewal fees for those claims, or spending $63 587.12 on exploration before January 31, 2018 on 50 of those claims and paying the renewal fees for the remaining claims. Furthermore, Sayona is required to spend $200 000 in exploration work on the claims and pay $100 000 in cash to Matamec. (All stated amounts are in Canadian dollars.)
If Sayona chooses to acquire an additional 50% interest to hold 100% of the claims, durimg the second year they must spend $350 000 in exploration on the claims and pay Matamec $250 000 in cash, plus a 2% Net Smelter Return (NSR) royalty on the mineral produced from those claims. If all these conditions are fulfilled by the end of the term agreement, Sayona will own 100% of the 65 claims.
In the event that Sayona decides not to exercise the second year of the option, Matamec can buy back the 50% interest acquired by Sayona for $1.00, and the grant of a 2% NSR royalty.
The 65 mineral claims are located in the Tmiscamingue region of Quebec in the regional municipality of Tmiscamingue. They cover an area of 12,000 hectares, and is prospective for lithium, tantalum, and beryllium. Historical exploration on the property has included mapping, sampling, geophysics and preparation of a NI 43-101 technical report, without a calculation of resources.
For Matamec, this Agreement is part of a process to maximise the value of each property under the control of the company and to create more value for the shareholders.