TSXV:REL - Post Discussion
Post by
newbie2099 on Nov 23, 2020 8:31am
Rel.v news today
VANCOUVER, BC, Nov. 23, 2020 /CNW/ - Roughrider Exploration Limited ("Roughrider") (TSXV: REL) is pleased to announce that it has entered into an option agreement (the "Agreement") with Industria Metals Inc. ("Industria"), whereby Industria can earn a 70% interest in Roughrider's Scottie West Property (the "Property") located in Northwest British Columbia.
Under the terms of the Agreement, Industria can earn a 70% interest in the Property by making aggregate cash payments of $500,000, issuing to Roughrider common shares of Industria with a total value $500,000 and incurring a minimum of $1,000,000 of exploration expenditures on the Property over a four year period. Upon Industria's successful completion of the earn-in, Roughrider and Industria will form a joint venture on the Property. Roughrider will retain a 2% net smelter return ("NSR") royalty of which Industria can repurchase 1% of the NSR for $2,000,000 at any time after a production decision has been made.
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