- Newpath Resources (PATH) has signed an option agreement with arm’s length parties
- The company was granted the option to acquire a 100-per-cent interest in 949 unpatented mineral claims over about 204 square kilometres in northwestern Ontario
- The terms of the agreement stipulate that Newpath can exercise the option by undertaking three key actions
- Newpath Resources Inc. (formerly Ready Set Gold Corp.) is a precious metals exploration company
- Newpath Resources Inc. opened trading at $0.075
Newpath Resources (PATH) has signed an option agreement with arm’s length parties.
Under the agreement, the company was granted the option to acquire a 100-per-cent interest in 949 unpatented mineral claims over approximately 204 square kilometres in northwestern Ontario.
The terms of the agreement stipulate that Newpath can exercise the option by undertaking three key actions.
The three actions are paying all staking costs related to the project, issuing an aggregate of 500,000 common shares to the optionors on the execution of the agreement, and issuing an aggregate of 1,000,000 common shares to the optionors on or before the first signing anniversary of the agreement.
If the company exercises the option, the optionors will retain a 2.0-per-cent net smelter returns royalty, of which 25 per cent may be purchased by the company for $500,000 up until the fifth signing anniversary of the agreement.
However, the remaining 75 per cent of the royalty may be purchased by the company for $2,500,000 until the tenth signing anniversary of the agreement.
All common shares issued in connection with the agreement are subject to a four-month hold period under applicable Canadian securities laws.
Newpath Resources Inc. (formerly Ready Set Gold Corp.) is a precious metals exploration company.
Newpath Resources Inc. opened trading at $0.075.