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Pure Energy Signs Lease and Option Agreement with Nevada Alaska Mining Co. Inc.
VANCOUVER, BC / ACCESSWIRE / June 4, 2015 / Pure Energy Minerals Limited (TSXV: PE) (the &#x...
About this update from Pure Energy Minerals Ltd.
[{"type":"text","content":"Pure Energy Signs Lease and Option Agreement with Nevada Alaska Mining Co. Inc.VANCOUVER, BC / ACCESSWIRE / June 4, 2015 / Pure Energy Minerals Limited (TSXV: PE) (the “Company”) announces that it has entered into an option and lease agreement (the “Agreement”) dated effective May 31, 2015 (the “Effective Date”) with Nevada Alaska Mining Co. Inc. (“NAM”) whereby NAM has granted the Company an indefinite, exclusive lease and exploration license (the “Lease”) to conduct mineral exploration and development testing on certain association unpatented placer mining claims comprised in a property located in Esmeralda County, Nevada (the “Property”). NAM has also granted the Company the option to acquire a 100% interest in the Property (the “Option”). The Option is subject only to a 3% NSR in favour of NAM (the “Royalty”). Under the terms of the Lease, the Company is required to make the following cash payments and common share issuances to NAM: On the Effective Date: o CDN$35,000 (the “Cash Payment Amount”); and o 226,620 common shares of the Company, representing: • 200,000 common shares, and • an additional 26,620 common shares at a deemed price of $0.26 (being the last closing price of the Company’s common shares prior to the Effective Date), equal to the negative currency difference between the Canadian and US dollars (the “Currency Difference”) on the Cash Payment Amount on the Effective Date, being $6,921.38 based on an exchange rate of CDN$1.00=USD$0.8022; On the first, second, third and fourth anniversaries of the Effective Date, CDN$35,000 as well as such number of common shares of the Company as is then- equal to the Currency Difference on the Cash Payment Amount divided by the then-most recent closing price of the Company’s common shares; and US$75,000 on each anniversary of the Effective Date past the fourth anniversary date until the Option Payment (described below) is made and title to the Property is transferred to the Company or the Agreement is terminated. Under the terms of the Option, the Company is entitled to acquire a 100% interest in the Property, subject to the Royalty, by providing NAM either: one-time payment of US$500,000 (the “Option Pay...