Business
CanAlaska Signs LOI to Option Four North Thompson Nickel Belt Projects in Manitoba to Valterra Resource Corporation
30,283 hectares total, 30 kilometres from Vale's Thompson Nickel Operations; Valterra to be grant...
About this update from Canalaska Uranium Ltd
[{"type":"text","content":"CanAlaska Signs LOI to Option Four North Thompson Nickel Belt Projects in Manitoba to Valterra Resource Corporation30,283 hectares total, 30 kilometres from Vale's Thompson Nickel Operations; Valterra to be granted Staged Option to Earn up to 80% InterestVancouver, British Columbia--(Newsfile Corp. - July 11, 2023) - CanAlaska Uranium Ltd. (TSXV: CVV) (OTCQX: CVVUF) (FSE: DH7N) (\"CanAlaska\" or the \"Company\") is pleased to announce that it has entered into a Letter of Intent (\"LOI\") with Valterra Resource Corporation (\"VQA\") to allow VQA to earn up to 80% interest in four of CanAlaska's 100%-owned north Thompson Nickel Belt projects in Manitoba, Canada (the \"Project\") (Figure 1). These properties are not part of the nickel property package proposed to be spun out (refer to news release dated June 12, 2023). Figure 1 – North Thompson Dispositions Location MapTo view an enhanced version of this graphic, please visit:https://images.newsfilecorp.com/files/2864/173000_f6c3fb8e64899bb7_002full.jpgVQA may earn up to an 80% interest in the Project by undertaking work and payments in three defined earn-in stages. VQA may earn an initial 49% interest (Stage 1) in the Project by paying the Company $35,000 cash, issuing 5,000,000 common shares of VQA in tranches over two years and incurring $2,000,000 in exploration expenditures on the Project in tranches within two years of the date (the \"Approval Date\") the TSX Venture Exchange approves the transaction agreement. VQA may earn an additional 21% interest (Stage 2) in the Project by paying to the Company a further $50,000 cash and issuing an additional 7,500,000 VQA common shares concurrent with providing notice that it wishes to proceed with the Stage 2 earn-in, and by incurring a further $3,500,000 in exploration expenditures on the Project by the third anniversary of the Approval Date. VQA may earn an additional 10% interest (Stage 3) in the Project by paying to the Company a further $65,000 cash and issuing an additional 25,000,000 VQA common shares concurrent with providing notice that it wishes to proceed with the Stage 3 earn-in, and by incurring an additional $3,500,000 in exploration expenditures on the Project by the fifth anniversary of the Approval Date.VQA will issue a further $3,000,000 in cash or, at VQA's option, the equivalent number of VQA common shares, u...