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Troy Minerals Acquires High Grade Ree Lac Jaques Project in Quebec
VANCOUVER, BC / ACCESSWIRE / August 8, 2023 / Troy Minerals Inc. ("Troy"or the "Company") (CSE:TROY) (OTCQB:TROYF) is pleased to announce that it has entered in
About this update from Meta Critical Minerals Inc.
[{"type":"text","content":" VANCOUVER, BC / ACCESSWIRE / August 8, 2023 / Troy Minerals Inc. (\"Troy\"or the \"Company\") (CSE:TROY) (OTCQB:TROYF) is pleased to announce that it has entered into a purchase agreement to acquire a 100% undivided interest in and to certainmineral claims known as the Lac Jaques Property located approximately 250km north of Montreal Quebec, Canada. Under the terms of the agreement, the consideration for the acquisition of a 100% interest in the Property is as follows: $50,000 in cash payable within seven business days of signing the agreement; Common shares of Troy issuable in 60 days from the date of the agreement, and having a value equal to $50,000 determined using the average closing share price per share on the CSE for the seven trading days immediately prior to issuance; A commitment by the Company to complete a $150,000 work program on the property within 12 months from the date of the agreement. Pursuant to the agreement, the company will pay an additional $250,000 upon the establishment of a NI 43-101 resource on the property in the measured and indicated category, and a further $350,000 upon completion of a prefeasibility study on the property. The Lac Jaques project is comprised of 17 claims totaling 994 ha. The project is located 250km north of Montreal with easy drivable access to all parts of the project area. Hydro power is located 2km away. Past work on the project has discovered highly anomalous REE minerals hosted by a steeply dipping carbonatite dike (highly fractionated, with light rare earth enrichment) with multi-kilometer strike potential and widths up to 25m. Additional information on the project will be provided by the Company in the coming weeks. The Company also announces that it has granted stock options and restricted share units (RSU) pursuant to the company's omnibus plan. The Company granted an aggregate of 600,000 options and 500,000 RSUs to certain directors, officers and consultants of the company. Each option is exercisable to acquire a common share at a price of 35 cents per common share, expires five years from the date of grant and vests immediately. Each RSU granted vests immediately. All of the options and RSUs (and any common shares issuable upon exercise thereof) will be subject to a 4 month hold period under applicable stock exchange rules and Canadian securities laws. ON BEHALF OF T...