Business
NioBay Metals comes to an agreement with SOQUEM for the sale of properties
MONTREAL, Oct. 20, 2021 (GLOBE NEWSWIRE) -- NioBay Metals Inc. (“NioBay” or the “Company”) (TSX-V: NBY) (OTCQB: NBYCF), a company focused on exploration, develo
About this update from Niobay Metals Inc.
[{"type":"text","content":" MONTREAL, Oct. 20, 2021 (GLOBE NEWSWIRE) -- NioBay Metals Inc. (“NioBay” or the “Company”) (TSX-V: NBY) (OTCQB: NBYCF), a company focused on exploration, development and use of critical green metals with an Environmentally, Sustainable, Governance, and Indigenous (ESGI) focus, is pleased to announce the execution of a letter of agreement for the sale to SOQUEM of the rights and interests of NioBay in the Lac Shortt, L'Espérance, Le Tac and Clairy properties (ie. an undivided interest of approximately 48%) for a total cash purchase price of $950,000. Transaction Highlights Cash Payment. Purchase price of $950,000 to be paid to NioBay in cash upon closing of the transaction. 2% NSR Royalty. NioBay will retain a 2% NSR royalty on the Clairy property, half of which (1% NSR) will be redeemable at any time by SOQUEM in consideration of a payment to NioBay of $1,000,000 in cash. Back-in Right. In addition, NioBay will have the right to buy back a 50% interest in any project containing a mineral resource that has been identified and confirmed by a 43-101 technical report in consideration of a cash payment equal to the total of 200% of exploration expenditures and 100% of the amount paid by SOQUEM for the property concerned. The proposed transaction is subject to various conditions, including its approval by SOQUEM’s board of directors and the execution of a definitive agreement. Word from the CEO “This represents the sale of our remaining interests in these properties,” says Jean-Sébastien David, CEO of the Company. “The sale is justified by the fact that the company will focus its efforts on the development of its critical and strategic mineral projects, which are the James Bay and Crevier Projects. I would like to thank SOQUEM for the partnership we have had in recent years. We wish them good luck in their work,” concluded Mr. David. Qualified Person Jean-Sebastien David, P. Geo., a Qualified Person within the meaning of NI 43-101, has approved this release. Mr. David is also the Company’s CEO. About NioBay Metals Inc. NioBay will be a leader in the Environment, Sustainability, Governance and Indigenous inclusion supporting the development of smart mine(s) with low carbon consumption and responsible water and wildlife management practices. Critical to our success will be the consent and full participation of the Indigenous commu...