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Norseman Silver Inc. Closes Option of Silver Vista Property in British Columbia
(TheNewswire) Vancouver, British Columbia – TheNewswire - February 3, ...
About this update from Fitzroy Minerals Inc
[{"type":"text","content":"Norseman Silver Inc. Closes Option of Silver Vista Property in British Columbia\n \n \n (TheNewswire)\n \n \n \n Vancouver, British Columbia –\n \n \n TheNewswire -\n \n \n February 3, 2021\n \n –Norseman Silver\nInc. (TSXV: NOC) (“\n \n Norseman\n \n ” or the “\n \n Company\n \n ”) is pleased to an announce that it has closed the\nacquisition (the “\n \n Transaction\n \n ”) of the option to acquire a 100% interest in\ncertain mining claims located in the Province of British Columbia (the\n“\n \n Silver Vista Property\n \n ” or\nthe “\n \n Property\n \n ”), pursuant\nto an option agreement (the “\n \n Option\nAgreement\n \n ”) with CloudBreak Discovery Corp. (“\n \n CloudBreak\n \n ”). Completion of the\nTransaction is subject to the approval of the TSX Venture Exchange\n(the “\n \n Exchange\n \n ”).\n \n \n Pursuant to the Option Agreement, in order to fully exercise the\noption (the “\n \n Option\n \n ”), the\nCompany shall: (i) pay to CloudBreak an aggregate of $50,000 and\n2,000,000 common shares in the capital of the Company (“\n \n Common Shares\n \n ”) in installments;\n(ii) pay to 1975647 Alberta Ltd. (“\n \n 197 Alberta\n \n ”) an aggregate of $45,000 and 1,000,000 Common\nShares, in installments; and (iii) make aggregate exploration\nexpenditures of $275,000 on the Silver Vista Property over three\nyears.\n \n \n The first installment is composed of: (i) $50,000, $20,000 of which\nwas payable to CloudBreak on the effective date (the “\n \n Effective Date\n \n ”) of the Option\nAgreement and the remaining $30,000 of which was paid on February 3,\n2021; and (ii) 2,000,000 Common Shares payable to CloudBreak, issued\non the date hereof. The second installment is composed of $20,000 and\n500,000 Common Shares payable to 197 Alberta on the second anniversary\nof the effective date (the “\n \n Underlying Agreement Effective Date\n \n ”) of the underlying\noption agreement dated May 8, 2020. The third installment is composed\nof $25,000 and 500,000 Common Shares payable to 197 Alberta on the\nthird anniversary of the Underlying Agreement Effective Date. All\nCommon Shares issuable pursuant to the Option Agreement shall be\nsubject to...