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AFR Completes its Acquisition of Interest in Major New Gold Discovery Areas in New Brunswick, Canada
(TheNewswire) Toronto, Ontario - TheNewswire - March 8, 2022 - AFR NuVenture ...
About this update from Absolutely Critical Resources Corp.
[{"type":"text","content":"AFR Completes its Acquisition of Interest in Major New Gold Discovery Areas in New Brunswick, Canada\n \n \n (TheNewswire)\n \n \n \n Toronto, Ontario - TheNewswire -\n \n \n March 8, 2022 -\n \n \n AFR\nNuVenture Resources Inc. (the \"Company\")\n \n \n (\n \n \n TSXV:AFR\n \n \n )\n \n \n announced on February 1, 2022 that it had entered into a\nletter of intent (the “LOI”) with private exploration company Edge\nExploration Inc. (“Edge”) pursuant to which it may earn up to a\n100% interest in five (\n \n \n 5)\n \n \n claim groups totaling 9,277.1 ha in New\nBrunswick, Canada (the\n \n \n \"Properties\").\nThe interest is earned\n \n \n by funding exploration\nprograms to investigate\n \n \n known and\ninferred bedrock mineralization containing gold, silver, base\nmetals, tungsten, molybdenum, rare earths, and other traditionally\nsought elements and green revolution elements. The Company\nsubsequently entered into a formal definitive agreement dated February\n23, 2022 (the “Exploration Agreement with Joint Venture Options”)\nincorporating the terms of the LOI which are set out in the\nCompany’s February 1, 2022 news release which is filed on SEDAR and\nthe Company’s website. TSX Venture Exchange has accepted for filing\nthe Exploration Agreement with Joint Venture Options.\n \n \n \n \n Consideration is as follows:\n \n \n \n \n 1. To earn an initial 50% interest the Company must pay\n$264,000, issue 300,000 common shares and expend $1,800,000 in\nexploration by the third anniversary.\n \n \n \n \n 2. To earn an additional 25% interest (total 75%\ninterest), the Company must issue 2,000,000 common shares and expend\nan additional $4,000,000 in exploration by the fifth\nanniversary.\n \n \n \n \n 3. To earn an additional 25% interest (total 100%\ninterest), the Company must issue an additional 2,000,000 common\nshares and make additional expenditures required to produce a\nfeasibility study.\n \n \n \n \n Edge will retain a 2% NSR in the Properties (the\n“Edge Royalty”). If the Company, at its option, earns either a 50%\nor 75% interest in the Properties, resulting in a joint venture\nbetween the parties, if either party fails to contribute its share of\nfuture expenditures, a standard non-contributor dilution will reduce\n...