BULLETIN V2024-0753
Q2 METALS CORP. ("QTWO")
BULLETIN TYPE: Property-Asset or Share Purchase Agreement
BULLETIN DATE: March 8, 2024
TSX Venture Tier 2 Company
TSX Venture Exchange has accepted for filing documentation with respect to the arm's length acquisition of three individual property option agreements to acquire a 100% interest in three contiguous claim blocks (Cisco, Broadback, Ouagama) collectively known as the Cisco Property located in the Eeyou Itschee James Bay, Quebec region. Combined consideration for all three agreements is $2,400,000 cash, 60,000,000 common shares and $12,000,000 in exploration expenditures over a four year term.
Option 1 Cisco Claims: Consideration is $2,000,000 cash, 40,000,000 common shares, and $12,000,000 in exploration expenditures over four years. The vendor retains a 4% gross metals return royalty on the Cisco claims, of which up to 3% of the royalty can be purchased by the Company at any time prior to commercial production for $1,500,000 on the first 1%, $3,000,000 on the next 1% and a right of first offer on the next 1%.
Options 2 Broadback Claims: Consideration is $200,000 cash and 10,000,000 common shares over one year. The vendor retains a 3% gross metals returns royalty on the Broadback claims, of which up to 2% of the royalty can be repurchased by the Company at any time prior to commercial production for $1,000,000 on the first 1% and $2,000,000 on the next 1%.
Option 3 Ouagama Claims: Consideration is $200,000 cash and 10,000,000 common shares over one year. The vendor retains a 3% gross metals returns royalty on the Ouagama Claims, of which up to 2% of the royalty can be repurchased by the Company at any time prior to commercial production for $1,000,000 on the first 1% and $2,000,000 on the next 1%.
For further details, please refer to the Company's news release dated February 29, 2024.
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