22/03/07 - TSX Venture Exchange Bulletins
TSX VENTURE COMPANIES
AFR NUVENTURE RESOURCES INC. ("AFR")
BULLETIN TYPE: Property-Asset or Share Purchase Agreement
BULLETIN DATE: March 7, 2022
TSX Venture Tier 2 Company
TSX Venture Exchange has accepted for filing an Exploration Agreement with Joint Venture Options dated February 23, 2022 between the Company and Edge Exploration Inc. (Dallas Davis and Adrian Davis) whereby the Company was granted an option to earn up to a 100% interest in claims located in New Brunswick. Consideration is as follows:
1. To earn an initial 50% interest the Company must pay $264,000, issue 300,000 common shares and expend $1,800,000 in exploration by the third anniversary.
2. To earn an additional 25% interest (total 75% interest), the Company must issue 2,000,000 common shares and expend an additional $4,000,000 in exploration by the fifth anniversary.
3. To earn an additional 25% interest (total 100% interest), the Company must issue an additional 2,000,000 common shares and make additional expenditures required to produce a feasibility study.
Edge will retain a 2% NSR in the Properties (the "Edge Royalty"). If the Company, at its option, earns either a 50% or 75% interest in the Properties, resulting in a joint venture between the parties, if either party fails to contribute its share of future expenditures, a standard non-contributor dilution will reduce such party's interest to a 2% NSR once the minority party falls below a 10% interest (the "Non-contributor's Royalty"). The other party may purchase one-half of either the Edge Royalty or the Non-Contributor's Royalty (1% NSR) for $1,000,000 at any time subject to further Exchange review and acceptance.
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