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Canadian Silver Hunter Enters into Option Agreement to Acquire Lost Dog Property and Announces Closing of Private Placement
Toronto, Ontario--(Newsfile Corp. - October 26, 2020) -  Canadian Silver Hunter Inc. (TSX...
About this update from Canadian Silver Hunter Inc.
[{"type":"text","content":"\nCanadian Silver Hunter Enters into Option Agreement to Acquire Lost Dog Property and Announces Closing of Private PlacementToronto, Ontario--(Newsfile Corp. - October 26, 2020) -  Canadian Silver Hunter Inc. (TSXV: AGH.H) (the \"Company\") is pleased to announce that further to its press releases dated May 21, 2020 and September 22, 2020, the Company has entered into a definitive option agreement (the \"Option Agreement\") with Timothy Towers, a director of the Company, wherein the Company has been granted the exclusive right and option to acquire a 100% interest in the Lost Dog property in Denton Township, Northern Ontario (the \"Property\").Pursuant to the terms of the Option Agreement, the total aggregate consideration payable by the Company to Mr. Towers is an aggregate of $65,000 in cash over three years and the issuance of an aggregate of 1,000,000 common shares in the capital of the Company, payable as follows:upon signing the Option Agreement, the Company paid $5,000 in cash and issued 250,000 common shares;on or before August 4, 2021, the Company shall have performed assessable work on the Property in the amount of $25,000;on or before October 1, 2021, the Company shall pay an additional $10,000 in cash and issue an additional 250,000 common shares (the \"October 2021 Shares\"), and shall have completed work expenditures of $50,000 on the Property by August 4, 2022; andon or before October 1, 2022, the Company shall pay an additional $50,000 in cash and issue an additional 500,000 common shares (the \"October 2022 Shares\") and shall have completed $50,000 assessable work on the Property and performed all of the exploration expenditures on a cumulative basis by August 4, 2023.All of the common shares issued in connection with the Option Agreement are subject to a four-month statutory hold period from the date of issue in accordance with applicable securities legislation. The issuance of the October 2021 Shares and the October 2022 Shares to Mr. Towers remain subject to receiving disinterested shareholder approval, which the Company will be seeking at its next annual and special meeting of shareholders. The Option Agreement constitutes a \"related party transaction\" as defined in Multilateral Instrument 61-101 - Protection of Minority Securityholders in Special Transactions (\"MI 61-101\") and Policy 5.9 of the T...