As part of the LoI, the company will incur cumulative exploration expenditures of $3m, pay to the optionors the sum of $200,000 cash in property payments and issue a total of 5 million common shares and 5 million warrants, all over a three-year period upon the CNSX approval.
Cadman CEO Derek Bartlett said, "Mbozi certainly fits into that profile as the project area and surrounding lands have been worked for decades by artisanal miners who have just scratched the surface."
Historic sampling and more recent Shenba sampling has yielded samples showing in excess of 50% Cu at the Mbozi project, which consists of two adjacent concessions totaling 232.86km².
Cadman, however, said the results do not conform to the requirements of National Instrument 43-101.
