The option agreement provides that First Class Metals may acquire a 100% interest in the Sunbeam gold project by:
- Making aggregate cash payments to Nuinsco of $700,000 in three tranches;
- Expending $750,000 in exploration expenses within three years;
- Committing to certain other contingent payment obligations, including the granting of a 1% net smelter return royalty to Nuinsco.
Nuinsco Resources Limited is a mining company with over 50 years of exploration success in Canada and internationally, with two properties across Ontario, including the Sunbeam gold project near Atikokan and the large, multi-commodity Prairie Lake project near Terrace Bay, which produces rare-earths, niobium, tantalum, and phosphorus.
Nuinsco Resources Limited was represented in this deal by Rob Eberschlag, a Partner in the WeirFoulds Corporate & Commercial Law Practice Group and Securities Law Practice Group.
Rob can be reached by phone at 416 947-5076 or by email at firstname.lastname@example.org.