Resolution Minerals Ltd (RML.AX) Positive Revision of JV Agreement for 64North Project Alaska

About this update from Alaska Energy Metals Corporation

[{"type":"text","content":"Resolution Minerals Ltd (RML.AX) Positive Revision of JV Agreement for 64North Project Alaska\n \n Adelaide, Australia (ABN Newswire) - Resolution Minerals Ltd (ASX:RML) executed an Option, Earn-in and Joint Venture (JV) agreement on 17 October 2019 as Northern Cobalt Ltd (ASX:N27) (former company name of Resolution Minerals Ltd) with Millrock Resources Inc (CVE:MRO).\n \n \n Change Fee\n \n \n As a change fee to the terms of the original agreement Resolution will issue Millrock (Vendor) 15 million Resolution Minerals Ltd shares as consideration within 20 business days under RML's existing 7.1 placement capacity.\n \n \n Updated Terms of the Option, Earn-in & Joint Venture agreement to earn up to an 60% on the entire project and an 80% interest on a single \"best block\" include:\n \n \n The new terms require Resolution to make the following spend to earn-in the 64North Project and certain milestone share and cash payments;\n \n \n - Year 2 - spend a further US$0.9m and cash payment of US$100k to reach 42%;\n \n \n - Year 3 - spend US$2.35m, issue 10m shares and a cash payment of US$100k to reach 51%;\n \n \n - Year 4 - spend US$2.35m, issue 10m shares and cash payment of US$100k to reach 60%.\n \n \n - Noting the carry forward Year 1 overspend of US$1m is taken up in the above calculations in Year 2.\n \n \n Resolution can earn up to 60% of the project by sole funding exploration and making the share and cash payments set out above. Resolution may elect to form a joint venture at the completion of any stage and co-funding conditions will commence. Management is to be by committee with voting according to % interest earnt, with the party with the largest interest, holding the right to be Manager/Operator. Non-contributing parties will be diluted according to an industry standard formula (using a two times dilution rate). If any party is diluted to less than a 10% equity ownership interest their interest will revert to a 1.0% Net Smelter Return (NSR) royalty.\n \n \n Right to earn up to 80% on one \"Best Block\"\n \n \n The project is subdivided into nine blocks (West Pogo, North Pogo, East Pogo, South Pogo, LMS-X, Eagle, Shaw, Divide and Last Chance) of ground as shown Figure 2.* After Resolution completes a 60% earn-in on the entire project, a joint venture will be formed over the entire project. At that point, Resolution c...

More updates from Alaska Energy Metals Corporation