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Great Northern Energy Metals Announce Fourth Amendment Agreement to Nuvemco Option Agreement
VANCOUVER, BC, July 14, 2025 /CNW/ - Great Northern Energy Metals Inc. ("GNEM" or the "Company") (CSE: GNEM) announces that it has amended the option agreement
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[{"type":"text","content":" VANCOUVER, BC, July 14, 2025 /CNW/ - Great Northern Energy Metals Inc. (\"GNEM\" or the \"Company\") (CSE: GNEM) announces that it has amended the option agreement dated August 20, 2024 (the \"Option Agreement\") with Ventura Uranium LLC (dba Nuvemco, LLC) (\"Nuvemco\"), 1494402 B.C. Ltd. (the \"Optionee\") and Paul Szilagyi (\"PS\", and together with Nuvemco, the \"Optionors\"). The Optionee's obligations under the Option Agreement were assigned to GNEM pursuant to an assignment and assumption agreement dated May 8, 2025 (the \"Assignment Agreement\"). The Company and the Optionors have now entered into a fourth amendment agreement, dated July 11, 2025, pursuant to which the date for the first cash payment and the first common share payment has been extended to July 18, 2025 (the \"Fourth Amendment Agreement\"). Under the terms of the Option Agreement, the Company has the exclusive right to acquire up to a 100% interest in a Colorado-based uranium project (the \"Property\") through a two-stage option to acquire all of the membership interests in a Colorado limited liability company, NUV2C, LLC (\"Holdco\"), which holds legal and beneficial title to the Property. Nuvemco currently owns 99% of Holdco, and PS owns the remaining 1% of Holdco. Except as amended by the Fourth Amendment Agreement, the Option Agreement and Assignment Agreement remain unamended and continue in full force and effect. Please see the Company's news releases dated May 9, 2025, June 2, 2025, June 4, 2025 and July 2, 2025. Finder's Fee Agreement The Company also announces the details of a finder's fee agreement previously entered into with an arm's length finder (the \"Finder\") whereby the Company engaged the Finder as an independent contractor to assist the Company in locating mineral projects (the \"Finder's Agreement\"). The Finder assisted the Company in discovering the opportunity to enter into the Assignment Agreement and to acquire the membership interests in Holdco. Pursuant to the terms and conditions of the Finder's Agreement, the Company is obligated to pay the Finder a finder's fee worth 5% of the value of the total number of common shares to be issued pursuant to the Option Agreement (the \"Finder's Fee\"). It is currently contemplated that the Finder's Fee will be paid in common shares in the capital of the Company. All securities to be issued...