On May 8, 2017, the Company has entered into an option agreement with Westridge Resources Inc., a Canadian company, to option out a 100% right, title and interest in and to those certain mineral claims comprising the Blackjack gold property, located in the townships of Kirkup and Manross in the Kenora mining division of Ontario,approximately 20 kilometres southeast of the city of Kenora.
Terms of agreement:
1. Under the terms of the agreement, the Company grants to Westridge a 100% right, title and interest in the property on the following terms:
a. Westridge will pay the Company $155,000 in cash on the following schedule: (i) $50,000 upon the effective date of this agreement, (ii) $5,000 after 12 months and (iii) $50,000 every 12 months thereafter for two years;
b. Westridge will issue to the Company 150,000 common shares in the capital of Westridge on the following schedule: (i) 50,000 common shares 12 months after the effective date of this agreement, (ii) 50,000 common shares every 12 months thereafter for two years;
On May 31, 2017, the Company closed a non-brokered flow-through private placement consisting of 1,000,000 flow-through units at a price of $0.05 cents per unit, for gross proceeds of $50,000. Each unit comprises one common share and one common share purchase warrant. Each whole warrant entitles the holder to acquire one additional common share for a period of one year from issuance date at a price of $0.05.
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