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White Metal Signs Binding Letter of Agreement to Option DorWit Copper-Silver Property in the Kalahari Copperbelt, Namibia
Thunder Bay, Ontario--(Newsfile Corp. - October 16, 2019) - White Metal Resources Corp. (TSXV...
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[{"type":"text","content":"\nWhite Metal Signs Binding Letter of Agreement to Option DorWit Copper-Silver Property in the Kalahari Copperbelt, NamibiaThunder Bay, Ontario--(Newsfile Corp. - October 16, 2019) - White Metal Resources Corp. (TSXV: WHM) (\"White Metal\", \"WHM\" or the \"Company\") is pleased to announce that it has signed a binding Letter of Agreement (\"LOA\") with natural resources investor RZJ Capital Management LLC (\"RZJ\"), whereas RZJ has the right to purchase 70% of White Metal's 100% owned private Namibian company Aloe 237. Aloe 237 holds title to the Exclusive Prospecting Licences (EPL 7028, 7029 and 7030) that comprise the Dorwit Copper-Silver Property (the \"Property\"). The partners, RZJ and WHM, will work towards the signing of a definitive agreement (the \"Agreement\") in the near future.The terms of the binding LOA (the \"Option\") between RZJ and WHM (together the \"Companies\") are as follows:On signing, RZJ will pay WHM a non-refundable CAD$100,000 deposit and shall have a three month exclusive due diligence period from signing of the LOA.At the end of the three month period and a positive due diligence review, RZJ will pay to WHM a total of CAD$500,000 with half in shares (equivalent to CAD$250,000) and half as a cash payment of CAD$250,000.Upon payment of the CAD$600,000 (above), the Companies will establish a Joint Technical Committee which will give equal vote with respect to exploration work and related expenditures on the Property (White Metal will be the Operator).RZJ is obliged to spend a total of CAD$500,000 in approved mineral exploration expenditures on the Property (between the three licenses) by the First Anniversary of the settlement date. This is an obligation and not an option.By the Second Anniversary of the Agreement, RZJ must have spent a total of CAD$1,000,000 in approved mineral exploration expenditures to maintain their Option.By the Third Anniversary of the Agreement, RZJ must have spent a total of CAD$2,000,000 in approved mineral exploration expenditures, at which time RZJ will have earned a 50% interest in Aloe 237 and in turn the Property. At this stage, RZJ will have the right to assume the role of Operator.By the Fourth Anniversary of the Agreement, RZJ must have spent a total of CAD$5,000,000 in approved mineral exploration expenditures, at which time RZJ will have earned a 70% interest in Alo...