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CanAlaska Options North Thompson Nickel Project in Manitoba to Fjordland Exploration
Vancouver, British Columbia--(Newsfile Corp. - February 26, 2020) - CanAlaska Uranium Ltd. (...
About this update from Canalaska Uranium Ltd
[{"type":"text","content":"CanAlaska Options North Thompson Nickel Project in Manitoba to Fjordland Exploration18,685 hectares, 25 kilometers from Thompson Nickel Plant; Fjordland to have Staged Option to Earn Up To 80% Interest; Focus on Large Sulphide Nickel Targets with Tier-1 PotentialVancouver, British Columbia--(Newsfile Corp. - February 26, 2020) - 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 Fjordland Exploration Inc. (\"FEX\") to allow FEX to earn up to 80% interest in CanAlaska's 100%-owned North Thompson Nickel Project in Manitoba, Canada (the \"Project\"). North Thompson ProjectTo view an enhanced version of this image, please visit:https://orders.newsfilecorp.com/files/2864/52797_d837c06fe4fbe903_001full.jpgFEX may earn up to an 80% interest in the Project by undertaking work and payments in three defined earn-in stages. FEX may earn an initial 49% interest (\"Stage 1\") in the Project by paying the Company $25,000 cash, issue 1,000,000 common shares of FEX, and incur $1,500,000 in exploration expenditures on the Project within 18 months of TSX Venture Exchange approval date. FEX 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 FEX, and incur an additional $2,500,000 in exploration expenditures on the Project within 24 months of entering the Stage 2 option. FEX may earn an additional 10% interest (\"Stage 3\") in the Project by paying to the Company a further $75,000 cash, issue a further 6,000,000 common shares in FEX, and incur an additional $5,000,000 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 FEX elects to not enter the next stage or in the case of completion of Stage 3, 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. FEX will have sole voting rights on exploration programs while sole funding at the variou...