Puma Exploration agreement for McCormack Brook South
2020-06-11 16:28 ET – Property Agreement
The TSX Venture Exchange has accepted for filing the documentation relating to an option agreement dated May 25, 2020, between the company and Gilles Gallant in connection with the option to acquire a 100-per-cent interest in the McCormack Brook South property, comprising 14 mining claims, located in New Brunswick, contiguous to the Portage and Jonpol gold properties.
Upon signing of the agreement and the dissemination of the present bulletin, the company shall issue 100,000 common shares and pay $5,000 cash. Furthermore, in order to acquire a 100-per-cent interest in the property, the company shall make cash payments totalling $175,000.
The vendor will retain a 2-per-cent net smelter return (NSR) royalty on any saleable production from the property. Half of the NSR royalty (1 per cent) may be purchased by the issuer for $1-million. The company retains a right of first refusal on the remaining 1-per-cent NSR royalty that is held by the vendor.
For further information, please refer to the company’s news release dated May 27, 2020.
http://explorationpuma.com/en/
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