Tru Precious, Quadro Resources property agreement
2022-06-28 19:29 ET - Property Agreement
The TSX Venture Exchange has accepted for filing the documentation relating to an option agreement dated June 15, 2022, between Tru Precious Metals Corp. and Quadro Resources Ltd. (the optionor). Pursuant to the agreement, the company will have the option to acquire up to an aggregate 65-per-cent interest in 133 mineral claims, interests and other documents of title located in central Newfoundland, known as the Staghorn property.
In order to exercise the option for an initial 51-per-cent interest in the property, the company is required to make cash payments totalling $125,000, issue $350,000 in common shares and incur $1.1-million in exploration expenditures, all over a three-year period.
In order to acquire the additional 14-per-cent interest in the property, the company must deliver written notice to the optionor of its intention to exercise the additional option within 30 days of exercising the initial option and meet the following compensation requirements: an additional cash payment of $200,000 and issuance of an additional $250,000 in common shares within 45 days of exercising the initial option; and incurring an additional $850,000 in exploration expenditures within two years of exercising the initial option.
The aggregate number of shares to be issued pursuant to the agreement for the entire 65-per-cent interest in the property is not to exceed a maximum of eight million shares.