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Wolfden Signs Definitive Option Agreement on its Clarence Steam Property in New Brunswick
Wolfden Signs Definitive Option Agreement on its Clarence Steam Property in New Brunswick ...
About this update from Wolfden Resources Corp.
[{"type":"text","content":"\n\n\n\nWolfden Signs Definitive Option Agreement on its Clarence Steam Property in New Brunswick\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nWolfden Signs Definitive Option Agreement on its Clarence Steam Property in New Brunswick\nCanada NewsWire\nTHUNDER BAY, ON, Aug. 3, 2016\n\n\n\nTHUNDER BAY, ON, Aug. 3, 2016 /CNW/ - Wolfden Resources Corporation (WLF:TSX-V) (\"Wolfden\" or the \"Company\") today announces that it has entered into a definitive option agreement (the \"Option Agreement\") with 2520885 Ontario Inc. and Galway Metals Inc. (collectively the \"Optioner\"), whereby the Optioner has agreed to acquire a 100% undivided interest in Wolfden's Clarence Stream property (the \"Property\"), located in southwestern New Brunswick. \n\nThe Option Agreement:\n\nIn order to earn a 100% interest in the Property, the Optioner will make cash payments to Wolfden totalling C$3.25 million over a 3-year period (the \"Option Period\"). In addition, the Optioner will grant Wolfden a 1% Net Smelter Return Royalty (the \"NSR\") from any minerals produced on the Property; the Optioner can purchase the NSR from Wolfden at any time for the sum of C$2.00 million.\n\nUnder the terms of the Option Agreement, the Optioner will make scheduled cash payments to Wolfden comprising C$0.75 million on signing of the Option Agreement (the \"Effective Date\"), C$0.75 million on or before the first anniversary of the Effective Date, C$1.00 million on or before the second anniversary of the Effective Date and C$0.75 million on or before the third anniversary of the Effective Date. \n\nDuring the Option Period, the Optioner is solely responsible for carrying out and administering exploration, development and mining work on the Property and obtaining all regulatory and third party consents, approvals and authorizations to carry out such work. In the event that the Optioner fails to make any of the cash payments stipulated above, the Option Agreement shall terminate and Wolfden will continue to hold an undivided 100% interest in the Property.\n\nClarence Stream Property:\n\nThe Clarence Stre...