CANEX METALS INC. ("CANX")
BULLETIN TYPE: Property-Asset or Share Purchase Agreement
BULLETIN DATE: May 29, 2017
TSX Venture Tier 2 Company
The TSX Venture Exchange (the "Exchange") accepts the Company's proposed acquisition of a 100% interest in the Gibson Prospect from Altius Resources Inc. (the "Agreement"), a wholly owned subsidiary of Altius Minerals Corp. ("Altius").
Pursuant to terms of the Agreement, upon signing, the Company will issue to Altius, 1,125,000 common shares ("Shares") upon signing of the Agreement, and a further 1,180,000 Shares following Phase 1 trenching, but prior to drill testing. The Company will issue a further 1,240,000 Shares within 18 months of closing, following the completion of the $500,000 expenditure commitment, which are both required to earn the 100% working interest.
Altius will retain a right to purchase an underlying 1.5% NSR royalty and preferential rights on any future royalties or streams granted on the Property. If the Company achieves a measured and indicated mineral resource in excess of 1 million gold equivalent ounces, a milestone payment of 1,275,000 shares will be issued to Altius. Altius also retains a pro rata right to participate in future equity financings of the Company. Shane Ebert will be entitled to 5% of the compensation due to Altius as part of the Gibson Agreement.
The Company will also assume the obligations of the underlying option agreement with Steven Scott for a total of $90,000 spread over 4 years, in addition to the milestone bonuses. There will be a $5000 payment upon a change of control of the property, $15,000 in the first year of the agreement, $20,000 in the second year, $25,000 in year three, and $25,000 in year four. The milestone bonuses include $25,000 upon completion of a feasibility study and $50,000 upon commercial production.
For further information, please refer to the Company's press release dated May 18, 2017
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