BTU Metals Corp. ("BTU")
BULLETIN TYPE: Property-Asset or Share Disposition Agreement
BULLETIN DATE: May 11, 2023
TSX Venture Tier 2 Company
TSX Venture Exchange has accepted for filing a disposition of 100% interest in 39 boundary-cell mining claims and 76 single-cell mining claims located to the south of the Great Bear project, as well as two multicell mining claims located to the north of the Great Bear project with a total area of 2,637 hectares (the "Purchase Agreement Property") and up to 70% interest in and to 757 mining claims (12 Boundary-cell mining claims, three multicell mining claims and 742 single-cell mining claims) covering approximately 16,410 hectares (the "Option Agreement Property") pursuant to a purchase agreement (the "Purchase Agreement") and an option agreement (the "Option Agreement"), respectively, between the Company and an arm's length party (the "Purchaser").
Pursuant to the terms of the Purchase Agreement, the Purchaser will pay $1,550,000, with $1,250,000 due immediately on closing and an additional $300,000 due on the one-year anniversary of the closing date, to the Company and issue a variable 1.5% - 2.5% NSR on the Purchase Agreement Property in favor of the Company in order to complete the acquisition of the Purchase Agreement Property.
Pursuant to the terms of the Option Agreement, the Purchaser must make cash payments or exploration expenditures on the Option Agreement Property of $2,700,000, to be incurred on or before 36 months from the effective date of the Option Agreement, and a further $2,000,000, in the sole discretion of the Purchaser, within 48 months from the effective date of the Option Agreement.
For further details, please refer to the Company's news releases dated February 22, 2023 and May 4, 2023.
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