VANCOUVER, March 10, 2020 /CNW/ - Stuhini Exploration Ltd. ("Stuhini" or the "Company") (TSX‑V:STU) announces that it has amended the terms of the option agreement announced February 21, 2020, whereby Stuhini can acquire from arm's length parties a 100% interest in the Que Property (the "Property"), located in the south-central Yukon Territories, Canada (the "Option"). See news release dated February 21, 2020 for further information.
The amended Option terms provide for a revised compensation schedule comprised of cash payments totaling up to $380,000 and issuing up to 2,950,000 common shares over a four-year term to exercise the Option. The details of the amended cash and share payments are set out below.
|
Date for Completion |
Shares |
Cash |
|
Approval Date |
200,000 |
Nil |
|
1st anniversary of Approval Date |
300,000 |
Nil |
|
2nd anniversary of Approval Date |
450,000 |
Nil |
|
3rd anniversary of Approval Date |
500,000 |
$140,000 |
|
4th anniversary of Approval Date |
1,500,000 |
$240,000 |
|
TOTAL |
2,950,000 |
$380,000 |
All other material terms of the option agreement remain unchanged.
The amended option agreement is subject to approval of the TSX Venture Exchange.
About Stuhini Exploration Ltd.
Stuhini is a mineral exploration company that is focused on the exploration and development of precious and base metal properties, with its focus on the Metla Property, located in northwestern British Columbia, Canada, approximately 150 kilometres south of the town of Atlin and the Ruby Creek Property located approximately 20 kilometers east of Atlin.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
