Group Ten Metals Signs Binding Letter of Intent on the Black Lake-Drayton Gold Project in Ontario, Canada

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[{"type":"text","content":"Group Ten Metals Signs Binding Letter of Intent on the Black Lake-Drayton Gold Project in Ontario, CanadaVANCOUVER, BC / ACCESSWIRE / August 23, 2021 / Group Ten Metals Inc. (TSX.V:PGE | OTCQB:PGEZF; FSE:5D32) (the \"Company\" or \"Group Ten\") is pleased to announce that it has entered into a binding Letter of Intent (the \"LOI\") with Heritage Mining Ltd. (\"Heritage\") whereby, subject to the earn-in requirements specified therein, Heritage can acquire up to a 90% interest in Group Ten's Black Lake-Drayton gold project (the \"Property\") in Ontario, Canada.Terms of the Agreement per the LOIUnder the terms of the binding LOI, Heritage may acquire a 90% undivided interest in the Property by making payments totaling 7.2 million shares and CAD $320,000 in cash to Group Ten, completing exploration and development work totaling CAD $5 million on the Property, granting Group Ten a 10% carried interest in the Property through completion of a feasibility study, and completing other requirements including potential success-based discovery payments, as detailed below:Heritage is required to pay a CAD $20,000 cash payment to Group Ten within three (3) business days of executing the LOI, and the LOI is exclusive and binding on the parties for a period of 60 days to allow for completion of the definitive agreement (the \"Agreement\").Heritage shall issue 2,800,000 shares to Group Ten within three (3) business days of execution of the Agreement.Heritage may earn a 51% interest (the \"First Option\") in the Property by completing the following on or before the third anniversary of the \"Agreement:Issuing an additional 3.3 million shares to Group Ten;Completing cash payments totaling CAD $300,000; andCompleting exploration work totaling CAD $2.5 million.Upon completion of the First Option, Heritage may earn an additional 39% ownership interest in the Property (the \"Second Option\") for a cumulative 90% interest by completion of the following on or before the fourth anniversary of the Agreement:Issuing an additional 1.1 million shares to Group Ten; andCompleting additional exploration work totaling CAD $2.5 million.In addition, the LOI provides the following:Upon completion of the Second Option, Group Ten will retain a 10% free carried interest in the Project, with Heritage being responsible for all Property costs until completion by Heritage...

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