Sassy Resources finalizes option agreement with MAX Power Mining on its Nicobat property in Ontario

Sassy Resources Corporation (CSE:SASY) (OTCQB:SSYRF) announced it has completed the definitive agreement to option its Nicobat Property in northwest Ontario to privately-held MAX Power Mining Corporation.

The agreement makes Sassy the largest shareholder in the new battery metals-focused company, according to a statement.

MAX Power has completed an initial financing and has prepared listing submissions for a Canadian exchange, Sassy told investors.

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Under the terms of the deal, MAX Power can earn a 100% interest in Nicobat by incurring $1 million in exploration expenditures on the property over a four-year period while also issuing five million shares to Sassy to be released over a three-year period once it lists on a Canadian exchange, with the Nicobat as a qualifying property.

Sassy will also receive one million warrants, exercisable at $0.25 for a three-year term and retain a 1% NSR on the property, which can be purchased by MAX Power at any time for $1 million. In addition, Sassy will have the right to appoint one director to the MAX Power board after the date of listing.

Mark Scott, Sassy’s CEO, told shareholders that the MAX Power team will have a “very exciting value proposition” for investors.

“With Nicobat in the very capable hands of MAX Power, Sassy is sharply focused on the Eskay Camp and Newfoundland where exploration programs have commenced.”

Vancouver-based Sassy’s current focus is the Foremore gold-silver project in the Eskay Camp, Liard Mining Division, in the heart of Northwest BC’s prolific Golden Triangle.

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Story by ProactiveInvestors