BTU Metals agreement for Dixie Halo South
2019-01-15 16:22 ET – Property Agreement
The TSX Venture Exchange has accepted for filing an option agreement dated Oct. 15, 2018, among BTU Metals Corp. and two optionors, Larry Herbert and Bruce Lavigne. Under the agreement, the optionors have granted BTU an option to acquire up to a 100-per-cent interest in the Dixie Halo South properties located in the Red Lake district of Ontario. In order to earn the interest in the properties BTU must issue four million common shares to the optionors upon exchange approval of the transaction and expend $1-million in exploration expenditures on the properties in the first year and issue a further four million common shares to the optionors and expend a further $1-million in exploration expenditures on the properties on or before the first anniversary of the date of the agreement.
The optionors will be granted a 2.5-per-cent net smelter return which BTU will have the right to repurchase as to the 1 per cent for $2-million.
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