INZINC MINING LTD ("IZN")
BULLETIN TYPE: Property-Asset or Share Purchase Agreement
BULLETIN DATE: January 26, 2017
TSX Venture Tier 2 Company
TSX Venture Exchange has accepted for filing an option agreement (the "Agreement") dated October 17, 2016 between InZinc Mining Ltd (the "Company") and Pac Shield Resources Inc ("Pac Shield") whereby the Company has the option to acquire a 100% interest (the "Option") in the Indy Zinc property (the "Property") located in British Columbia.
In order to acquire the property, the Company must pay an aggregate of $305,000 cash, issue 2,100,000 common shares in the Company and incur $2,600,000 in work expenditures over a period of 5 years as set out below:
CASH SHARES WORK EXPENDITURES
TSXV Acceptance $30,000 200,000 $0
Year 1 $25,000 200,000 $75,000
Year 2 $25,000 300,000 $200,000
Year 3 $25,000 400,000 $325,000
Year 4 $75,000 500,000 $750,000
Year 5 $125,000 500,000 $1,250,000
Technical Report (1) $500,000 500,000 $0
Technical Report (2) $500,000 - -
(1) Technical Report filed on SEDAR with a mineral resource estimate on the Property containing greater than 0.5 billion pounds of zinc
(2) Technical Report filed on SEDAR with a mineral resource estimate on the Property containing greater than 0.75 billion pounds of zinc
The Property is subject to a 1% net smelter royalty ("NSR") held by Pac Shield (the "Pac Shield NSR"), and a 1.5% NSR held by Kerry Curtis. Upon exercise of the Option and prior to completion of a feasibility study on the Property, the Company has the right to purchase the Pac Shield NSR for $1,500,000.
Insider / Pro Group Participation:
Insider=Y /
Name ProGroup=P # of Shares
Kerry Curtis Y 2,340,000
For further information, please see the Company's news releases dated October 18, 2016, and January 25, 2017.
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