- Aguila Copper Corp. (AGL) closes acquisition with Halo Resources Ltd. for several copper-zinc-gold resources in the Sherridon Mining District, Manitoba
- Aquila can earn up to a 90 per cent interest in 28 mining claims and one mineral lease for an area totaling 4,968 hectares
- Sherridon is a notable historic mining area
- It will earn an 80 per cent interest in the resources by incurring $1 million exploration expenditures within the first four years
- Halo may fund project expenditures in proportion to its interest in the area
- Aguila Copper Corp. (AGL) is unchanged trading at $0.25 per share as of 2:22 p.m. EST
Aguila Copper Corp. (AGL) has closed its acquisition with Halo Resources Ltd. for several copper-zinc-gold resources in the Sherridon Mining District, Manitoba.
Aquila can earn up to a 90 per cent interest in 28 mining claims and one mineral lease for an area totalling 4,968 hectares.
Sherridon is a notable historic mining area and is serviced by all-weather roads, a railroad, network power and the small nearby community.
Aguila will pay $15,000 to Halo at the completion of due diligence, and issue 100,000 shares to Halo within six months of the closing.
Aguila must acquire $100,000 in exploration expenditures before the first anniversary of closing.
The company will earn an 80 per cent interest in the resources by incurring an additional $900,000 exploration expenditures within four years after closing.
An additional 10 per cent can be earned by incurring an additional $1 million of exploration expenditures by the seventh anniversary of the closing.
Halo and Aguila will form a joint venture to advance the area.
Halo may fund project expenditures in proportion to its interest in the area.
Otherwise, its interest will be converted into a 1.5 per cent net smelter royalty that Aguila can purchase for $2 million at any time.
Aguila Copper Corp. (AGL) is unchanged trading at $0.25 per share as of 2:22 p.m. EST.