• Transforma Resources Corporation (TFM) has signed an option agreement with 802213 Alberta Ltd. and Kelly Funk
  • The option agreement is for the exclusive option to acquire the MAC Property, British Columbia, consisting of five mineral claims made up of 5,094 hectares
  • To provide the company with general working capital, the company proposes to raise $100,000 by the issuance of units at an offering price of $0.03 per unit
  • Transforma is a junior copper and precious metals exploration company
  • Transforma Resources Corporation was unchanged at $0.03 at 10:34 AM ET

Transforma Resources Corporation (TFM) has signed an option agreement with 802213 Alberta Ltd. and Kelly Funk.

The option agreement is for the exclusive option to acquire the MAC Property, British Columbia, consisting of five mineral claims made up of 5,094 hectares.

Grab samples taken and assayed by Stratton Resources Inc. in 2012 shows that the MAC Property is prospective for nickel and iron mineralization, similar in style to the Baptiste (Decar) deposit.

To exercise the option, the company must (with all payments and share issuances being optional pursuant to the option agreement):

  1. Reimburse the optionor for its 2023 assessment fees paid to maintain the MAC Property in good standing, up to a maximum amount of $30,000;
  2. Issue up to 11 million common shares of Transforma to the optionor
  3. Complete at least $3 million in exploration and development expenditures on the MAC Property on or before December 31, 2027; and
  4. Issue a further 2.0 million shares upon the commencement of commercial production.

As additional consideration, upon exercise of the option, Transforma will grant to 802213 Alberta Ltd (the optionor) a 2.0 per cent net smelter returns royalty payable upon commencement of commercial production.

To provide the company with general working capital, the company proposes to raise $100,000 by issuing units at a price of $0.03 per unit.

Each unit will consist of one common share of the company and one non-transferable share purchase warrant to acquire one additional common share.

Each warrant will be exercisable to purchase one common share of the company at an exercise price of $0.05 until December 31, 2026.

Transforma is a junior copper and precious metals exploration company involved in a 100-per-cent-owned project situated in southwestern British Columbia, consisting of the Thunder Copper Property.

Transforma Resources Corporation was unchanged at $0.03 at 10:34 AM ET.


More From The Market Online

Search suspended for SSR miners missing after Türkiye mine collapse

SSR Mining (TSX:SSRM) provided an update on the tragedy that struck its Çöpler gold operation in eastern Türkiye.
stock market down

@ the Bell: Bumpy start to a holiday-shortened week

Early data that showed domestic inflation cooled more than expected couldn't give enough lift for Canada’s main stock index on Tuesday.

SweetWater Brewing inks partnership with Atlanta United FC

SweetWater Brewing, a subsidiary of Tilray Brands, has signed on as official craft beer partner of Major League Soccer’s Atlanta United FC.