Business
CanAlaska Deals Manibridge Nickel Project in Thompson Nickel Belt Manitoba
D Block Discoveries have Staged Option to Earn up to 100% Interest; CanAlaska to be Initial P...
About this update from Canalaska Uranium Ltd
[{"type":"text","content":"CanAlaska Deals Manibridge Nickel Project in Thompson Nickel Belt ManitobaD Block Discoveries have Staged Option to Earn up to 100% Interest; CanAlaska to be Initial Project Operator Focus on Advancing High-Grade Sulphide Nickel Discovery Vancouver, British Columbia--(Newsfile Corp. - March 30, 2021) - CanAlaska Uranium Ltd. (TSXV: CVV) (OTCQB: CVVUF) (FSE: DH7N) (\"CanAlaska\" or the \"Company\") is pleased to announce that it has entered into a Letter of Intent (\"LOI\") with D Block Discoveries Inc. (\"DBD\"), a private company wholly owned by Ore Group Inc., to allow DBD to earn up to 100% interest in CanAlaska's 100%-owned 4,368 hectare Manibridge Nickel Project in Manitoba, Canada (the \"Project\") (Figure 1). Figure 1To view an enhanced version of Figure 1, please visit:https://orders.newsfilecorp.com/files/2864/78849_1b3f74c7645c8a45_001full.jpgDBD may earn up to a 100% interest in the Project by undertaking work and payments in three defined earn-in stages. DBD may earn an initial 49% interest (\"Stage 1\") in the Project by paying the Company $30,000 cash, issue $275,000 worth of common shares and incur $500,000 in exploration expenditures on the Project within 12 months of TSX Venture Exchange approval date. DBD may earn an additional 21% interest (\"Stage 2\") in the Project by paying to the Company a further $50,000 cash, issue a further 1,500,000 common shares in DBD, and incur an additional $1,500,000 in exploration expenditures on the Project within 12 months of entering the Stage 2 option. DBD may earn an additional 30% interest (\"Stage 3\") in the Project by paying to the Company a further $100,000 cash, issue a further 5,000,000 common shares in DBD, and incur an additional $2,000,000 in exploration expenditures on the Project within 24 months of entering the Stage 3 option. After successful completion of either of Stage 1 or Stage 2 of the option agreement, and if DBD elects to not enter the final stage, a joint venture will be formed and the parties will either co-contribute on a simple pro-rata basis or dilute on a pre-defined straight-line dilution formula. A summary of the various stages is contained in Table 1.During Stage 1 and Stage 2 of the option agreement, CanAlaska will be operator of the Project. DBD will have sole voting rights on exploration programs while sole funding at the various option sta...