Under the mineral property option agreement, the company will issue $15,000 cash on signing, 750,000 units of securities on acceptance by the TSX Venture Exchange.
It will also pay $10,000, thirty days after TSX Venture Exchange acceptance and $25,000 after six months and one year from TSX Venture Exchange acceptance.
In addition, the company will pay net smelter royalty of 2% to the vendors on all minerals produced from the property. It will have an option to buy back 1% of the NSR for $1,000,000.
The Lac Guéret South Graphite Property comprises 107 claims covering 5,788 hectares, and adjacent to, on all sides, a separate Mason graphite property in the Lac Guéret region.
The acquisition complements Berkwood’s Lac Guéret East graphite property, and provides the company with a total of 9,600 hectares in the region.
