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IM Exploration Completes Turquoise Canyon Anniversary Payment
Vancouver, British Columbia - TheNewswire - August 23, 2021 - IM Exploration Inc. (CNSX:IM.CN) (“IM” or the “Company”) announces that it has completed its secon
About this update from Westward Gold Inc
[{"type":"text","content":"Vancouver, British Columbia - TheNewswire - August 23, 2021 - IM Exploration Inc. (CNSX:IM.CN) (“IM” or the “Company”) announces that it has completed its second anniversary payment to First Mining Gold Corp. (“First Mining”) related to the option agreement (the “Agreement”) entered into by Momentum Minerals Ltd., a wholly-owned subsidiary of IM, and First Mining. The Company is currently earning into a 100% ownership position in the Turquoise Canyon Project (“Turquoise Canyon”), based on the Agreement dated August 20, 2019. As per the Agreement, IM has elected to pay First Mining the C$50,000 payment in shares, based on the trailing 30-day volume-weighted average price on the CSE. The Company has issued a total of 310,889 shares at a deemed price of approximately C$0.161 per share; following the issuance, First Mining will own 1,210,889 shares of IM, representing approximately 2.6% of the total issued and outstanding shares of the Company. In order to earn into its 100% ownership position in Turquoise Canyon, IM must make additional payments on the third and fourth anniversaries of the Agreement (August 20, 2022 and 2023, respectively), each for C$137,500 payable in cash or shares at the Company’s option. IM must also complete a total of C$750,000 in qualified exploration expenditures prior to August 20, 2023, with a minimum of C$50,000 in the first year of the Agreement and C$100,000 in the second year, both of which have been satisfied. To date, the Company has spent and committed C$422,370 at Turquoise Canyon, which includes ongoing field work currently underway. Following completion of the earn-in requirements, First Mining will retain a 2.0% Net Smelter Return Royalty, which can be reduced to 1.0% with a C$1,000,000 payment. Colin Moore, President of IM Exploration, noted: “First Mining continues to be a valued partner and an important and supportive shareholder of the Company. We look forward to creating additional value at Turquoise Canyon and expect to complete our expenditure commitments well ahead of schedule.” About IM Exploration IM Exploration is a mineral exploration company focused on developing the Toiyabe and Turquoise Canyon Projects located in the Cortez Hills area of Lander County, Nevada. The Company is also advancing the Mulloy Project in Northern Ontario. From time to time, the Company may also evaluate t...