Business
Madoro Amends Option Agreement to Acquire 100% of the First Green Lithium Project in Quebec
(TheNewswire) VANCOUVER, British Columbia – TheNewswire -- JANUARY 23, 2024 -- ...
About this update from Madoro Metals Corp
[{"type":"text","content":"Madoro Amends Option Agreement to Acquire 100% of the First Green Lithium Project in Quebec\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n VANCOUVER, British Columbia –\n \n \n TheNewswire -- JANUARY 23, 2024 --\n \n \n Madoro Metals Corp. (“Madoro” or the “Company”)\n \n \n (TSXV:MDM) (OTC:MSTXF) (WKN:A2QQ1X)\n \n \n is pleased to report that it has amended the option\nagreement dated January 31, 2023 (the “Option Agreement”), whereby\nthe Company was granted the option to acquire a 100% interest in the\n213 claim, 12,325 hectare First Green Lithium Project (the\n“Property”) located in the emerging Cadillac-Pontiac lithium camp\nin the Abitibi Témiscamingue region, approximately 75 kilometres\nsouthwest of Val-d’Or, Québec (the “Property”).\n \n \n \n \n Under the terms of the amendment agreement (the\n“Amendment Agreement”), the parties have agreed to amend certain\nterms of the Option Agreement as follows:\n \n \n \n \n \n \n Half of the cash payment, being $18,000, due on January\n31, 2024 is extended to July 31, 2024.\n \n \n \n \n \n \n $150,000 of the exploration expenditures due on the\nProperty by January 31, 2024, is extended to : $75,000 by January 31,\n2025 and $75,000 by  January 31, 2026.\n \n \n The\n$1,000,000 staged work expenditure is now as follows:\n \n \n \n \n \n \n $50,000 on or before Januray 31, 2024\n(completed);\n \n \n \n \n \n \n $375,000 on or before Januray 31, 2025; and\n \n \n \n \n \n \n $575,000 on or before Januray 31,2026.\n \n \n \n \n \n \n \n \n In consideration of the Optionors agreeing to the\namendments, the Company shall issue the Optionors 600,000 common\nshares of the Company.\n \n \n \n \n \n \n The Amendment Agreement remains subject to the approval\nof the TSX Venture Exchange.  All shares issued pursuant to the\nAmendment Agreement shall be subject to a statutory hold period of\nfour months and one day from issuance.\n \n \n \n \n As reported by the Company in the news release dated\nSeptember 26, 2023, the initial prospecting and sampling program on\nits 213-claim, 12,325-ha First Green Lithium property (the\n“Property”) has resulted in...