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Genius Metals Options the Meaghers Property to MegumaGold Corp.
Genius Metals Options the Meaghers Property to MegumaGold Corp. Canada NewsWire ...
About this update from Morocco Strategic Minerals Corporation
[{"type":"text","content":"\n\n\n\nGenius Metals Options the Meaghers Property to MegumaGold Corp.\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nST-SAUVEUR, QC, Dec. 9, 2019\n\n\n\nST-SAUVEUR, QC, Dec. 9, 2019 /CNW/ - Genius Metals Inc. (CSE: GENI) (\"Genius\") is pleased to announce that it has entered into a option agreement dated December 4, 2019 with MegumaGold Corp. (\"MGC\"), whereby MGC may earn a 70% interest in the Meaghers Property (the \"Meaghers Property\" or the Property), located in South-Central Nova Scotia within the Halifax County, 39 km NE from the Halifax-Dartmouth conglomeration. \n\n \n \n\n \nUnder the terms of the agreement the MegumaGold may earn up to a 70% interest in 6 Genius mineral exploration licences totalling 100 claims (1,620 Hectares) by satisfying the following conditions:\nMegumaGold shall issue to the Genius within ten (10) business days from the Effective Date, an aggregate of 250,000 common shares in the capital of MegumaGold (the \"Consideration Shares\"). The Consideration Shares are subject to a statutory four (4) months and one (1) day hold period. In addition to the statutory hold period, 50% of the Consideration Shares are subject to a contractual one (1) year hold period. Initial 49.9% Earn-In: In order to earn the initial 49.9% interest in the Property, MegumaGold shall, within 18 months from the Effective Date, incur initial exploration work on the Property relating to an initial exploration program made up of ground surveys to pre-drilling targeting work, totalling at least $100,000 (\"Phase I Program\"). Additional 20.1% Earn-In: In order to earn an additional 20.1% interest in the Property, MegumaGold shall, within 12 months from the latest date of which the Company satisfies its Initial Earn-In obligations set out above, incur or cause to be incurred, a diamond drilling program on the Property, totalling at least $150,000 (\"Phase II Program\"). Upon MegumaGold fully exercising the Option in its entirety to earn 70% of the Property, Genius shall have the option to convert its remaining 30% interest in the Property, ...