Business
Midland Exploration Options Two Properties to Brunswick Exploration for Lithium Exploration in James Bay Region, Near Patriot Battery’s Corvette Project
MONTREAL, Nov. 10, 2022 (GLOBE NEWSWIRE) -- Midland Exploration Inc. (“Midland”) (TSX-V: MD) is pleased to announce the execution of a new option agreement with
About this update from Midland Exploration Inc.
[{"type":"text","content":" MONTREAL, Nov. 10, 2022 (GLOBE NEWSWIRE) -- Midland Exploration Inc. (“Midland”) (TSX-V: MD) is pleased to announce the execution of a new option agreement with Brunswick Exploration Inc. (“Brunswick”) for lithium exploration on two properties wholly owned by Midland and located in the Eeyou Istchee James Bay region, Quebec. The two claim blocks, including Mythril and Elrond, total 513 claims covering a surface area of approximately 263 square kilometres. Midland has granted to Brunswick the option to acquire exploration rights for critical minerals including lithium (excluding copper, nickel, zinc, lead, gold, silver, platinum and palladium) on these two properties. Under this new agreement, Brunswick may acquire an initial 50% interest (\"Option 1\") in the Mythril property over a three-year period, at the following conditions: Overall consideration of $500,000 payable according to the following schedule: At closing: $25,000 in cash and $25,000 in shares; 1st anniversary: $50,000 in cash and $50,000 in shares; 2nd anniversary: $70,000 in cash and $70,000 in shares; and 3rd anniversary: $210,000 in shares; Requirement to spend an amount of $1,500,000 in exploration expenditures according to the following schedule: 1st anniversary: amount of $300,000 firm, in exploration expenses; 2nd anniversary: additional amount of $300,000 in exploration expenses; and 3rd anniversary: additional amount of $900,000 in exploration expenses; Option to earn an additional 35% undivided interest in the claims (the \"Option 2\") in the Mythril property over an additional two-year period, at the following conditions: Aggregate consideration of $200,000 payable according to the following schedule: 1st Anniversary: $100,000 in cash or stock, at BRW's option; 2nd anniversary: $100,000 in cash or stock, at BRW's option; Requirement to spend an additional amount of $2,000,000 in exploration expenditures, in cash or in shares, at BRW's option, according to the following schedule: 1st anniversary after exercising Option 1: amount of $1,000,000; and 2nd anniversary after exercising Option 1: additional amount of $1,000,000. Brunswick would hold a right of first refusal on the 15% remaining interest held by Midland and Midland would not be required to participate in exploration and development expenditures until a mine is constructed t...