NorthWest Copper (TSX-V:NWST) Corp announced that it has entered into a property option agreement with Alpha Copper Corp.
The company said that it has granted Alpha the right to acquire a 100% interest in a series of mineral claims located in the province of British Columbia commonly referred to as the Okeover Copper project, subject to a 2% net smelter return, or NSR royalty, to be retained by the company.
Following the agreement, Alpha has the right to earn a 100% ownership interest in the property, by issuing the common shares and incurring certain expenditures. This includes issuing common shares with a value of $250,000 on the closing date; issuing common shares with a value of $500,000 on or before the date which is 12 months from the closing date.
READ: NorthWest Copper acquires 100% interest in the Kwanika copper-gold project in BC from joint venture partner POSCO
The agreement terms also include Alpha issuing NorthWest Copper (TSX-V:NWST) with common shares with a value of $750,000 on or before the date which is 24 months from the closing date; issuing additional common shares such that NorthWest holds a 10% interest in Alpha on or before the date which is 36 months from the closing date; and incurring staged expenditures of not less than $5 million.
The issuance of the first $750,000 in common shares and the first $500,000 in expenditures are Alpha’s obligations following the option agreement, the company said.
The NSR royalty will entitle NorthWest to a 2% royalty on the sale of all ores, doré, concentrates, metals, minerals, and mineral by-products that are produced or extracted by Alpha from the property, which may be bought down by Alpha by one half with a cash payment of $1,000,000, the company said.
The property is located near Powell River on the southern British Columbia coast. It consists of 12 contiguous claims totaling 4,614 hectares and is beneficially owned 100% by NorthWest.
Contact Ritika at [email protected]
Story by ProactiveInvestors
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