Ann: Inaugural Exploration Program Commenced at Brisk Lit Project, page-12

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cobrakai1984

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29/09/22

15:36

Post #: 63946007
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Originally posted by pierre23: ↑

News very shortly. Option to acquire Brisk expires tomorrow at 5pm. Hopefully exploration showed some promise. We'll see.

The key terms of the Term Sheet are as follows:1. Grant of Option: In exchange for payment of a non-refundable Option Fee of CDN $35,000 (payable on signing), the Vendor grants the Company the exclusive right to acquire 100% of all of the Mineral Claims (Option).
2. Exercise of the Option: On payment of the Option Fee, the Company may exercise the Option at any time until expiry of the Option Period on 5pm AWST on 30 September 2022.
3. Exploration during Option Period: During the Option Period, the Company has an exclusive licence to conduct surface exploration activities on the Mineral Claims.
4. Settlement: Settlement under the Term Sheet will occur on the date that is 5 days after the date of the Option Exercise Notice, or such other date as the parties agree in writing (Settlement Date).
5. Consideration: At Settlement, the following consideration is payable by the Company to the Vendor (and/or its nominees):
a) CDN$65,000 cash;
b) 1 million fully paid ordinary shares in the Company (Shares) at a deemed issue price of AUD$0.20 per Share (Consideration Shares); and
c) 4 million Deferred Consideration Shares, convertible to Shares, subject to satisfaction of the Vesting Conditions set out in Annexure A.

The Consideration Shares will be subject to voluntary escrow for a 6-month period to commence on the Settlement Date.

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yep be good to see an update and progress from there. SP will correct accordingly. get some drilling by end of 2022.

MMG Price at posting: 41.0¢ Sentiment: Hold Disclosure: Held
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Ann: Inaugural Exploration Program Commenced at Brisk Lit Project, page-12

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