Business
Medaro Mining and Eureka Lithium Sign Letter of Intent to Option Their Lac La Motte Lithium Properties near Val D'Or, Quebec
Vancouver, British Columbia--(Newsfile Corp. - December 11, 2023) - Medaro Mining Corp. (CSE: MEDA) (OTC Pink: MEDAF) ("Medaro" or the "Company") is pleased to
About this update from Medaro Mining Corp.
[{"type":"text","content":" Vancouver, British Columbia--(Newsfile Corp. - December 11, 2023) - Medaro Mining Corp. (CSE: MEDA) (OTC Pink: MEDAF) (\"Medaro\" or the \"Company\") is pleased to announce that it has entered into a letter of intent (\"Letter of Intent\") with respect to an option (\"Option\") for Eureka to acquire from Medaro Mining Corp. (\"Optionor\") a 100% undivided interest in and to the mineral claims comprising the Optionor's Lac La Motte Project in the mining area of Abitibi, Quebec (\"Property\"), subject to a 1% net smelter returns royalty in favor of the Underlying Owner (as defined below) (\"NSR\"). Figure 1: Lac La Motte Drill Hole Location Map Medaro's CEO Michael Mulberry stated, \"We are excited to welcome a partner of the stature of Eureka Lithium Corp. to further develop the Lac La Motte project. I know they are committed and eager to develop the property further. Brining on a solid partner like Eureka is another way for Medaro to further its commitment of developing highly prospective Lithium properties in Quebec, and advance our stable of projects.\" Under the Letter of Intent, Eureka will have an exclusive dealing period of 30 days during which it may conduct due diligence with a view to negotiating and entering into a definitive agreement (\"Definitive Agreement\") with the Optionor pursuant to which it would acquire the Option to acquire a 100% undivided interest in and to the Property, subject to the NSR, by satisfying each of the following conditions: Issuing to the Optionor 200,000 common shares of Eureka (\"Common Shares\") on the effective date of the Definitive Agreement (\"Effective Date\"); Incurring exploration expenses in respect of the Property totalling $500,000 by the date that is 12 months from the Effective Date; Paying, on behalf of the Optionor, $45,000 in cash to the underlying owner (\"Underlying Owner\") of the Property by May 6, 2024; Issuing to the Optionor 300,000 Common Shares by the date that is 12 months from the Effective Date; Incurring additional exploration expenses in respect of the Property totalling $500,000 by the date that is 24 months from the Effective Date; Paying, on behalf of the Optionor, $50,000 in cash to the Underlying Owner by May 6, 2025; and Issuing to the Optionor 1,000,000 Common Shares by the date that is 24 months from the Effective Date. The issu...