HUNTINGTON EXPLORATION INC. ("HEI") BULLETIN TYPE: Property-Asset or Share Purchase Agreement BULLETIN DATE: January 18, 2021 TSX Venture Tier 2 Company
TSX Venture Exchange has accepted for filing documentation two mineral property acquisition agreements ("Acquisition Agreements") dated December 1, 2020, between the Company and two separate Arm's Length parties (the "Vendors"). Pursuant to the terms of the Acquisition Agreements, the Company will purchase from the Vendors a 100% interest in and to certain mining claims comprised of 7,425 hectares, on aggregate, in the Birch-Uchi region (the "Birch-Uchi Property") located in Ontario, Canada. The Company will provide the Vendors an aggregate consideration of $30,000 in cash payments and further issue 200,000 common shares at a deemed price of $0.165 per common share for the total purchase price in exchange for the Birch-Uchi Property.
One of the Vendors will further retain a 1.5% net smelter return royalty ("NSR Royalty") on certain mineral claims within the Birch-Uchi Property, which will further be payable upon the commencement of commercial production. As per the terms of the Acquisition Agreements, the Company will also have the right, at any time, to purchase one-half of the NSR Royalty from the applicable vendor for $500,000.
Insider / Pro Group Participation: None
For further information, please reference the Company's news release dated January 15, 2021.
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