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New Age Metals Signs Final Agreement to Option Five Lithium Projects in Southeast Manitoba to Azincourt Energy
(via TheNewswire) January 15th, 2018 / TheNewswire / Vancouver, Canada - New Age Metal...
About this update from New Age Metals Inc
[{"type":"text","content":"New Age Metals Signs Final Agreement to Option Five Lithium Projects in Southeast Manitoba to Azincourt Energy(via TheNewswire)\n\n \nJanuary 15th, 2018 / TheNewswire / Vancouver, Canada - New Age Metals Inc. (TSX.V: NAM; OTCQB: PAWEF; FSE: P7J.F) is pleased to announce that it has signed the final agreement with Azincourt Energy Corp (\"Azincourt\") (TSX-V: AAZ). The agreement which is subject to regulatory approval allows for Azincourt to acquire up to a 50%, 60%, and or 100% interest in the 5 lithium projects, 3 of which are drill ready. The agreement is subject to NAMs 90-day option which allows NAM to enter into a Joint Venture agreement once Azincourt has reached 60%. If NAM exercises its option it would be required to fund a 40% interest in the joint venture. \n\n\n \nHarry Barr, Chairman/CEO of New Age Metals stated: \n\n\n \n\"We are pleased to have the final agreement completed and partner with Azincourt Energy on our Lithium properties. This option joint venture allows the continued development of our Lithium projects and for management to focus on our 100% owned River Valley Project, located in the Sudbury mining district of Ontario, which is Canada's largest undeveloped primary PGM Deposit\". (See Jan 11, 2018 Press Release)\n\n\n \nTerms of the Final Agreement\n\n\n \nUnder the terms of the agreement, Azincourt has paid NAM $10,000 and further agrees to pay\n\n\n \nthe following to NAM for a 50% interest in the five projects.\n\n\n \n\n\n1.Cash Payments to NAM \n\n\n\n\n \n$50,000 on the closing date \n\n\n \n$50,000 on or before 6 months from the closing date \n\n\n \n$50,000 on or before the 1-year anniversary of the closing date; and\n\n\n \n$50,000 on or before 18 months from the closing date\n\n\n \n\n\n2.Stock Payments to NAM \n\n\n\n\n \n250,000 shares of Azincourt within 10 days of the closing date\n\n\n \n250,000 shares of Azincourt on or before the 1-year anniversary of the closing date \n\n\n \n250,000 shares of Azincourt on or before the 2-year anniversary of the closing date\n\n\n \n250,000 shares of Azincourt on or before the 3-year anniversary of the closing date \n\n\n \n\n\n3.Project Exploration Expenditures \n\n\n\n\n \n500,000 in year 1\n\n\n \n600,000 on or before year 2\n\n\n \n1,000,000 on or before year 3 (Total expenditures to earn 50% is $2.1 million)\n\n\n \n\n\n4.Royalties \n\n\n\n\n \nUn...