Under the terms of agreement, Aldrin is mandated to pay initial $100,000 during the signing of option agreement, along with additional $400,000 to be paid after securing approval from Toronto Stock Exchange, besides issuing 12,500,000 Aldrin shares.
Further, it is liable to pay $1m in two tranches of $500,000 each after six and 12 months respectively.
In addition, Aldrin will incur $4m of property expenditures over next four years after the approval from stock exchange.
The stake in the mine located in the Patterson Lake Area is being acquired from optionors Michael Lederhouse, Timothy Young, Matthew Mason, Dan Studer-Dale Resources.
Triple M comprises six claim blocks totaling 12,001 hectares, underlain by Phanerozoic rocks that are flux of limestone and sandstone similar to the Patterson Lake area.
