International Lima Reosurces (LMG-V) has entered into option JV agreements with Rubicon Minerals Corporation for up to 2,515 mineral claims in the Botwood Basin area of Central Newfoundland. The agreements cover three separate land packages known as "Sothern Golden Promise", "Wings Point - Titan" and "Glenwood Break".
The Company can acquire a 60% interest in properties by issuing up to 1,200,000 shares (400,000 for each property) and by incurring expenditures of $5,250,000 within four (4) years. Of the shares consideration, 300,000 shares will be issued upon regulatory approval with the balance being issued in equal installments of 100,000 shares for each property over three years. Expenditure commitment for the first year aggregates $650,000 as follows: Glenwood Break - $350,000; Southern Golden Promise - $250,000; Wings Point - Titan - $50,000. |
