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Xplore Announces Letter of Intent to Earn a 100% Interest in the Upper Red Lake Gold Project
Toronto, Ontario--(Newsfile Corp. - January 13, 2021) - Xplore Resources Corp . (TSXV: XPLR)...
About this update from Xplore Resources Corp.
[{"type":"text","content":"Xplore Announces Letter of Intent to Earn a 100% Interest in the Upper Red Lake Gold ProjectToronto, Ontario--(Newsfile Corp. - January 13, 2021) - Xplore Resources Corp. (TSXV: XPLR) (\"Xplore or \"the Company\"), announces today that it has signed a non-binding letter of intent (\"LOI\") with Abitibi Royalties Inc. (\"Abitibi\") to earn a 100% interest in the 1,750 Ha Upper Red Lake Gold Project (the \"Upper Red Lake\"), located in the Red Lake Mining Division, ON., Canada.Summary of the terms of the proposed transaction:Under the terms of the LOI and subject to the completion of satisfactory mutual due diligence by Xplore and Abitibi within 30 days of signing of the LOI, and subject to certain conditions, including the subsequent entry into a formal option agreement (the \"Acquisition Agreement\"), Xplore will acquire a 100% ownership in the Upper Red Lake by completing the following:The Company obtaining all necessary approvals from the TSX Venture Exchange (the \"TSX.V\"); and,On execution of the LOI, Xplore shall issue to Abitibi CDN$62,500 in common shares of Xplore based on the daily volume weight averaged (the \"VWAP\") price of Xplore's shares as reported by the TSX.V, for the 14 day period preceding execution of the LOI; and,On or before the first anniversary date of signing the Acquisition Agreement, Xplore shall issue to Abitibi CDN$125,000 in common shares of Xplore based on the VWAP price of XPLR's shares as reported by the TSX.V, for the 14 day period preceding execution of the anniversary date; and,On or before the second anniversary of signing the Acquisition Agreement, Xplore shall issue to Abitibi CDN$150,000 in common shares of Xplore based on the VWAP price of Xplore's shares as reported by the TSX.V, for the 14 day period preceding execution of the anniversary date; and,Xplore agrees to complete sufficient exploration work on the property to maintain the claims in good standing; and,On completing the share issuance obligations, Xplore shall have earned a 100% interest in the Upper Red Lake minus a 1.5% net smelter return (\"NSR\") on any future metal production from the Upper Red Lake.Wes Hanson, President and CEO of Xplore, stated, \"We are excited to have an opportunity to acquire a property in one of Canada's most recognized gold districts. We believe that the prospective trends identified to the east m...