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Imperial Mining Group and SOQUEM Inc. Sign LOI to Exchange Quebec Base Metal and Gold Property Interests
MONTREAL, March 10, 2021 (GLOBE NEWSWIRE) -- Imperial Mining Group Ltd. ("Imperial") (TSX VENTURE: IPG; OTCQB: IMPNF) is pleased to announce that it has execute
About this update from Scandium Canada Ltd Class A
[{"type":"text","content":" MONTREAL, March 10, 2021 (GLOBE NEWSWIRE) -- Imperial Mining Group Ltd. (\"Imperial\") (TSX VENTURE: IPG; OTCQB: IMPNF) is pleased to announce that it has executed a Letter of Intent (“LOI”) with SOQUEM Inc., a Quebec Crown Corporation (“SOQUEM”), to vend its 100% interest in the Carheil-Brouillan copper-zinc-silver property. In exchange, Imperial will reacquire the remaining interest it does not currently possess in the La Roncière gold property. A formal property agreement for this arrangement is anticipated to be executed on or before April 12, 2021. Under the terms of the LOI, Imperial Mining will sell its 100% undivided interest in the Carheil-Brouillan copper-zinc-silver property in Quebec to SOQUEM in exchange for a cash payment of $450,000. Imperial will retain a two per cent (2%) Net Smelter Royalty (“NSR”) on the property, which can be acquired by SOQUEM for an additional cash payment of $2.0 million. In addition, SOQUEM will transfer its 50% Joint Venture interest in the La Roncière gold property, giving Imperial a 100% interest, in exchange for a one and one quarter per cent (1.25%) NSR, which can be acquired by Imperial for $1.25 million in cash at any future date. “Imperial continues to focus on its core Crater Lake scandium and rare earth project asset,” said Peter J. Cashin, Imperial’s President & CEO. “This transaction with SOQUEM also adds the La Roncière gold project to our 100%-owned Opawica gold property in the developing Bachelor Lake-Windfall Lake gold camp area, which gives Imperial greater optionality moving forward.” Carheil-Brouillan Property Imperial is vending its 100% interest in the Carheil-Brouillan Project, located 120 km north of the town of La Sarre, Quebec and 5 km southwest of the former Selbaie Mine and consisting of 114 contiguous mining claims covering 5,425.2 ha. The Project can be accessed via Highway 393 going from La Sarre to Villebois and then north to the former Selbaie Mine. On August 25th, 2017, an option agreement for the property was executed with SOQUEM Inc. Under the terms of this agreement, SOQUEM made a cash payment of $250,000 and can acquire a 50% interest in the Project by carrying out exploration work totaling $3,750,000 over an option period of four (4) years. Imperial retains a 2.0 % NSR royalty on the property after SOQUEM has vested for their 50% interest. To dat...