RE:NOB NEWSWIRE UPDATESo does this add any value to NOB or is it just another shuffle to keep it as a 14 cent company?
Noble Mineral, Canada Nickel JV agreement
2022-04-20 20:17 ET - Property Agreement
The TSX Venture Exchange has accepted for filing documentation pertaining to an option and joint venture agreement dated Feb. 23, 2022, between Noble Mineral Exploration Inc. and an arm's-length party, Canada Nickel Company Inc. Pursuant to the agreement, the purchaser has an option to acquire up to an 80-per-cent interest in certain mining claims of the company, located in the Mann, Hanna, Duff and Reaume townships in Ontario. On exercise of the option, the properties will be held in an 80/20 joint venture company between the purchaser and company, respectively.
In order to exercise the option, the purchaser must: (i) pay aggregate cash consideration of $500,000 over a four-year period; (ii) issue 400,000 common shares of the purchaser to the company over the term; and (iii) incur an aggregate of $1.7-million in exploration expenditures on the properties over the term. Further, the company will also have an option to receive $350,000 or 150,000 common shares forming part of the aforementioned share issuance by the purchaser.
Further, on exercise of the option, the company will retain a 2-per-cent net smelter return (NSR) royalty on certain claims forming part of the properties. The purchaser will have the option to buy back a 1-per-cent NSR royalty for $1-million.
For further details, please refer to the company's news releases dated Nov. 22, 2021, Feb. 24, 2022, March 15, 2022, and April 20, 2022.
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