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Magna Terra Receives First Anniversary Option Payment from Gold Hunter for the Great Northern Project
TORONTO, ON / ACCESS Newswire / June 19, 2025 / Magna Terra Minerals Inc . (the " Company " o...
About this update from Magna Terra Minerals Inc
[{"type":"text","content":"Magna Terra Receives First Anniversary Option Payment from Gold Hunter for the Great Northern ProjectTORONTO, ON / ACCESS Newswire / June 19, 2025 / Magna Terra Minerals Inc. (the \"Company\" or \"Magna Terra\") (TSXV:MTT) is pleased to announce that it has received the first anniversary option payment from Gold Hunter Resources Inc.(CSE: HUNT) for the Great Northern Project (\"Great Northern\" or the \"Project\") in Newfoundland, per the Option Agreement (the \"Agreement\") dated May 28, 2024, as amended on June 10, 2024 (please refer to Magna Terra's news release dated May 29, 2024). Under the terms of the Agreement, Magna Terra has received a cash payment of $450,000, along with 35,211,267 common shares of Gold Hunter ($2,750,000 of common shares at a price of $0.0781 per common share, representing the 20 day volume weighted average price of Gold Hunter common shares (\"Gold Hunter Shares\") prior to the anniversary date). With the issuance of these shares of Gold Hunter, the Company now holds 39,603,520 common shares representing approximately 30.67% of the issued and outstanding Gold Hunter Shares.Agreement Terms$9.5 million payable over 2 years as follows:TermCashShare ValueTotal ValueExclusivity (Paid)$75,000$0$75,000Upon closing (Paid)$300,000$1,000,000$1,300,0001st anniversary (Paid)$450,000$2,750,000$3,200,0002nd anniversary$675,000$4,250,000$4,925,000Total$1,500,000$8,000,000$9,500,000Magna Terra will be entitled to designate one person for appointment on the Gold Hunter Board of Directors for as long as its shareholding in Gold Hunter remains above 10%.\"We are very pleased to receive this first anniversary option payment from Gold Hunter, making us very significant shareholders in the company. The Gold Hunter team has done an exceptional job consolidating and expanding the strategic land package that now makes up the enlarged Great Northern Project (26,337 hectares). With multiple first priority drill targets outlined along 49.2 km of identified strike length, Great Northern is primed for significant additional discovery as Gold Hunter gears up for its initial significant drill program on the Project later this summer. As significant shareholders we are very keen to participate in the upside of what is setting up to be a very exciting drill focused exploration program in the coming weeks and months.\"~ Lew Lawrick, ...