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El Nino Ventures receives Exchange approval for the Lac Otelnuk Iron Ore Project in Quebec and Clarifies Previous News Release
(TheNewswire) November 22, 2022 – TheNewswire - Rockport, ON, Canada &...
About this update from Metalquest Mining Inc
[{"type":"text","content":"El Nino Ventures receives Exchange approval for the Lac Otelnuk Iron Ore Project in Quebec and Clarifies Previous News Release\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n \n November 22, 2022 –\n \n \n TheNewswire -\n \n \n Rockport, ON, Canada – El Nino Ventures\nInc.(“ELN” or the “Company”) (TSXV:ELN\n \n \n )\n \n \n ;\n \n \n (\n \n \n OTC:ELNOF\n \n \n )\n \n \n ;\n \n \n (\n \n \n FSE:E7Q.F).\n \n \n The\nCompany is pleased to announce that, further to its news release of\nNovember 16, 2022, ELN has received TSX Venture Exchange (the\n“Exchange”) approval for the transaction to acquire 100% undivided\ninterest in certain claims located in Nunavik, Quebec.\n \n \n \n \n The Company has finalized the agreement with 743584\nOntario Inc. (the “Vendor”), who is at arms length to the Company,\nto acquire 100% of 193 claims (previously announced 191 claims) within\nthe Lac Otelnuk Iron Ore Project by paying for the 2022 assessment\n(~$30,000).   The Vendor retains a 2.5% royalty with an option to\nbuy-down 1.75% of the royalty in one lump sum or as follows:\n \n \n \n \n \n \n Within 60 days following the date of exchange approval\n(anniversary date) the Company has the option to buy-down the royalty\nfrom 2.5% to 2.15% by issuing $15,000 of common shares of the\nCompany;\n \n \n \n \n \n \n Within 60 days following the second anniversary date of\nexchange approval, the Company has the option to buy-down the royalty\nfrom 2.15% to 1.80% by issuing $15,000 of common shares of the\nCompany;\n \n \n \n \n \n \n Within 60 days following the third anniversary date of\nexchange approval, the Company has the option to buy-down the royalty\nfrom 1.80% to 1.45% by issuing $15,000 of common shares of the\nCompany;\n \n \n \n \n \n \n Within 60 days following the fourth anniversary date of\nexchange approval, the Company has the option to buy-down the royalty\nfrom 1.45% to 1.10% by issuing $15,000 of common shares of the\nCompany;\n \n \n \n \n \n \n Within 60 days following the fifth anniversary date of\nexchange approval, the Company has the option to buy-down the royalty\nfrom 1.10% to 0.75% by issuing $15,000 of common shares of the\nCompany;\n \n \n \n \n \n \n Any shares that become issuable under the agreement are\nsubject to TSX Venture Exchange Policies...