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Teuton Options 80% Interest in Harry Property to Optimum Ventures. Terms: Payment of $1.5 Million, 4 Million Shares and $9 Million Work Commitment Over Five Years; Teuton Also Retains 2% NSR.
(TheNewswire) Vancouver, Canada - TheNewswire - September 14, 2021 – T...
About this update from Teuton Resources Corp.
[{"type":"text","content":"Teuton Options 80% Interest in Harry Property to Optimum Ventures. Terms: Payment of $1.5 Million, 4 Million Shares and $9 Million Work Commitment Over Five Years; Teuton Also Retains 2% NSR.\n \n \n (TheNewswire)\n \n \n \n Vancouver, Canada -\n \n \n TheNewswire - September 14, 2021\n \n \n – Teuton Resources Corp.\n (“Teuton” or “the Company”) (\n \n \n TSXV:\n \n \n TUO)\n \n \n (OTC:TEUTF)\n \n \n (\n \n \n Frankfurt:\n \n \n TFE)\n \n \n announces that it has entered into an option agreement (the\n\"\n \n \n Option\nAgreement\n \n \n \") with Optimum Ventures Ltd.\n(\n \n \n “OPV”-TSXV\n \n \n ) (\"\n \n \n Optimum\n \n \n \") pursuant to which Teuton has\nagreed to grant to Optimum the option to acquire an 80% interest in\n(the \"\n \n \n Option\n \n \n \") the Harry and Outland Silver Bar properties which are\nlocated in the Skeena Mining Division approximately 30 km northwest of\nStewart, B.C. (collectively, the \"\n \n \n Harry Property\n \n \n \").\n \n \n \n \n Subject to TSXV approval, and pursuant to the terms of\nthe Option Agreement, the total aggregate consideration payable by\nOptimum to Teuton for an 80% interest in the Harry Property is an\naggregate of up to $1,500,000 cash over five years from September 13,\n2021 (the \"\n \n \n Effective\nDate\n \n \n \"); an aggregate of up to 4,000,000\ncommon shares of Optimum (the \"\n \n \n Common Shares\n \n \n \")\nin installments over a five year period from the Effective Date; and\nincurring expenditures on the Property (or making a cash payment to\nthe Teuton in lieu) of up to $9,000,000 in installments over five\nyears from the Effective Date. Upon the exercise of the Option and\nOptimum acquiring an 80% interest to the Harry Property, the parties\nwill enter into a joint venture agreement for the operation of the\nproject and Optimum will grant to Teuton a 2% Net Smelter Royalty (no\nbuyback). The Option Agreement is subject to customary closing\nconditions including receipt of all required regulatory and third\nparty consents and approvals including the approval of the TSX Venture\nExchange (\"\n \n \n TSXV\n \n \n \"). Any securities issued in\nconnection with the Option Agreement will be subject to applicable\nstatutory hold periods for a period of four months from the date of\nissuance.\n \n \n \n \n In ...