RE:RE:The Rose Project is a by-product, a marketable productMaybe this : by the way, they changed their name for Power Nickel ($PNPN) in July
ecent Development
On December 22, 2020, the Company signed an agreement with Chilean Metals Inc. (“Chilean”) to option up to 80% of the Nisk nickel-copper-PGE project (the “Property” or "Nisk-1"), in Quebec’s Eeyou Istchee James Bay territory in Quebec.
Option Terms
Grant of first option
The Company grants to Chilean the exclusive right and option to acquire, on or before the date that is three (3) years from the TSX.V approval, an initial 50% Earned Interest in the Property. In order to acquire this interest, Chilean must:
- (a) make cash payments totalling $500,000 to the Company on or before the dates set out below:
- (i) a non-refundable amount of $25,000 on the date of execution of the agreement (condition fulfilled);
- (ii) an amount of $225,000 within a delay of five (5) Business Days following the Effective Date; and
- (iii) an amount $250,000 within a delay of six (6) months from the Effective Date.
- (b) Issue to the Company within a delay of five (5) Business Days following the Effective Date, 12,051,770 Shares of Chilean.
- (c) incur an aggregate of $2,800,000 of Work Expenditures on the Property on or before the dates set out below:
- (i) $500,000 in Work Expenditures on or before the date that is one (1) year from Effective Date;
- (ii) $800,000 in Work Expenditures on or before the date that is two (2) years from Effective Date; and
- (iii) $1,500,000 in Work Expenditures on or before the date that is three (3) years from Effective Date.
Grant of second option
Subject to Chilean having exercised the First Option, the Company hereby also grants to the Optionee the exclusive right and option to increase its Earned Interest in and to the Property from 50% to 80% by incurring or funding additional Work Expenditures for an amount of $2,200,000, including the delivery of a Resource Estimate, for a period commencing on the delivery of the First Option Exercise Notice and ending on the date that is four (4) years from Effective Date.
Following the exercise of the Second Option, until such time as a definitive Feasibility Study regarding extraction and production activities on the Property is delivered to the Joint Venture, Critical Elements shall maintain a 20% non-dilutive interest in the Joint Venture and shall not contribute to any Joint Venture costs.