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1844 Resources Announces Update Regarding Hawk Ridge Option Agreement
Saskatoon, Saskatchewan--(Newsfile Corp. - December 1, 2023) - 1844 RESOURCES Inc. (TSXV: EFF) (the "Company" or "1844") is pleased to announce that, further to
About this update from 1844 Resources Inc
[{"type":"text","content":" Saskatoon, Saskatchewan--(Newsfile Corp. - December 1, 2023) - 1844 RESOURCES Inc. (TSXV: EFF) (the \"Company\" or \"1844\") is pleased to announce that, further to the Company's news releases dated March 6, 2023 and September 23, 2023, the Company has entered into an amended and restated option agreement (the \"Amended and Restated Option Agreement\") with Nickel North Exploration Corp. (\"NNX\") with respect to the option agreement between the parties dated March 6, 2023, as amended (the \"Option Agreement\"), relating to the Company's option to acquire the Hawk Ridge Project. Pursuant to the Amended and Restated Option Agreement, the parties have agreed to amend the payment terms and conditions of the Option Agreement as follows: Upon entering into the Amended and Restated Option Agreement, the Company paid NNX $15,000 in cash as a non-refundable deposit and, upon receiving TSX Venture approval of the Amended and Restated Option Agreement, the Company will pay NNX $335,000 in cash and issue to the Optionor 5,000,000 common shares in the capital of the Company. The Company is now entitled to acquire a 20% undivided interest in the Hawk Ridge Project on the first anniversary of the date that is two business days following the approval of the Amended and Restated Option Agreement by the TSX Venture Exchange (the \"Effective Date\") by paying $350,000 and issuing 4,000,000 common shares of the Company to NNX and incurring $500,000 of exploration expenditures before the first anniversary of the Effective Date (the \"First Option\"). If the Company exercises the First Option, it can now acquire an additional 10% (for an aggregate 30%) undivided interest in the Hawk Ridge Project by paying $350,000 and issuing 4,000,000 common shares of the Company to NNX on the second anniversary date of the Effective Date, and incurring $500,000 of exploration expenditures before the second anniversary of the Effective Date (the \"Second Option\"). If the Company exercises the Second Option, it can now acquire an additional 20% (for an aggregate 50%) undivided interest in the Hawk Ridge Project by paying $750,000 and issuing 3,000,000 common shares of the Company to NNX on the third anniversary date of the Effective Date, and incurring $1,000,000 of exploration expenditures before the third anniversary of the Effective Date (the \"Third Option\")...