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Stuhini Exploration Renews Option on Ruby Creek Project
Stuhini Exploration Renews Option on Ruby Creek Project Canada NewsWire ...
About this update from Eranova Metals Inc.
[{"type":"text","content":"\n \n \n \n Stuhini Exploration Renews Option on Ruby Creek Project\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n \n \n \n VANCOUVER, BC\n \n ,\n \n Dec. 31, 2020\n \n /CNW/ - Stuhini Exploration Ltd. (\"\n \n Stuhini\n \n \" or the \"\n \n Company\n \n \") (TSXV: STU) is pleased to announce that, pursuant to its Option Agreement (the \"\n \n Agreement\n \n \") with Global Drilling Solutions Inc. (\"\n \n Global Drilling\n \n \") to acquire 100% of the Ruby Creek Property (the \"\n \n Property\n \n \" or the \"\n \n Project\n \n \") in northwestern\n \n British Columbia, Canada\n \n , the Company has elected to renew its option on the Property (the \"\n \n Option\n \n \").\n \n \n \n \n \n \n \n \n \n Pursuant to the Agreement, Stuhini can earn a 100% interest in the Property by issuing 7,300,000 common shares of the Company (\"\n \n Common Shares\n \n \") and making cash payments totalling\n \n $1,060,000\n \n over a four-year term. More information on the Agreement can be found in the Company's news releases dated\n \n July 30, 2019\n \n and\n \n November 20, 2019\n \n . Upon obtaining TSX Venture Exchange approval of the Agreement on\n \n December 30, 2019\n \n , the Company issued 800,000 Common Shares at a deemed issued price of\n \n $0.31\n \n per share (the \"\n \n Initial Shares\n \n \") to Global Drilling for the first required option payment under the Agreement on that date. The balance of the Common Share issuances and the cash payments under the Agreement are all at the Company's election should it wish to maintain the Option on each\n \n December 30th\n \n anniversary during the option term and no minimum work commitments or expenditures on the Property are required for Option exercise.\n \n \n Based on what the Board of Directors of the Company (the \"\n \n Board\n \n \") believed were favourable geological results (see news releases dated\n \n June 29, 2020\n \n and\n \n November 18, 2020\n \n ) and the presence of the historic Adanac Molybdenum deposit within the tenures, the Board unanimous...