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03/06/19

17:59

Post #: 38885371
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Originally posted by jaffadog: ↑

Sudbury, Ontario--(Newsfile Corp. - March 12, 2019) - Transition Metals Corp. (TSXV: XTM ) ("Transition" or "the Company"), is pleased to announce that it has executed an Option and Joint Venture Agreement with Battery Minerals Resources Limited ("Battery") whereby Battery can earn a up to an 80% interest in the Gowganda Gold project located 75 kilometres southwest of Kirkland Lake.To earn a 60% interest, Battery must provide option payments totalling $600,000 over 3 years that includes a $75,000 payment upon execution of the Agreement and $25,000 that was received earlier by the Company upon execution of a binding term sheet. In addition, Battery must complete $3.4 million of exploration expenditures over 3 years including a commitment of $400,000 during the first year. Upon vesting a 60% interest, Battery may increase its interest to 80% by delivering a Feasibility Study within three years subject to certain time extension provisions. After earning its 60% or 80% interest in the Property as the case may be, a Joint Venture would be formed, with each party funding its proportionate share of future work programs or suffering dilution of interest.

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I remember of a company called Astra Resources that used to push this kind of announcements...same writing style
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