Stornoway to acquire interest in Nunavut claims
Stornoway Ventures Ltd SWV
Shares issued 11,715,482 Jul 19 close $0.39
Fri 19 Jul 2002 Property Agreement
Also (DHR)
Also (SAZ)
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Further to the TSX Venture Exchange bulletin regarding Stornoway Ventures
Ltd. dated January 16, 2002, the TSX-V has accepted for filing an option
agreement dated June 6, 2002, (the agreement) among Stornoway Ventures Ltd.
(the optionee) and Cantech Ventures Inc., Dasher Energy Corp., and
International Samuel Exploration Corp. (together, the participants) which
incorporates the letter of intent accepted by the TSX-V on January 16,
2002. Under the terms of the agreement, the optionee may earn up to a
60-per-cent interest in two mineral claims blocks in the Bear province of
the Slave craton, Nunavut (the property). Consideration includes the
following:
1. In order to earn a 40-per-cent interest in the property (the first
option), the optionee must incur at least $1.5-million in exploration
expenditures on or before Dec. 31, 2003, (including $600,000 on or before
Nov. 14, 2002), incur a further $287,175 in exploration expenditures on or
before Feb. 14, 2003, issue to the participants 250,000 common shares in
the capital of the company upon TSX-V acceptance of the agreement (issued),
issue to the participants a further 150,000 common shares on or before Dec.
31, 2002, and 100,000 shares on or before Dec. 31, 2003.
2. If the optionee exercises the first option, the optionee shall have a
further option to acquire an additional 10-per-cent interest (the second
option) by incurring not less than a further $1.5-million in exploration
expenditures and issuing an additional 100,000 common shares to the
participants on or before Dec. 31, 2004.
3. If the optionee exercises the second option, the optionee shall have a
further option to acquire a further 10-per-cent interest in the property by
incurring not less than a further $4-million in exploration expenditures on
or before Dec. 31, 2006.
During the term of the agreement, the agreement stipulates that the
participants will issue to the optionee a share bonus for each of the first
16 geographically and geologically distinct occurrences of kimberlite
discovered on the property within 30 days of such discovery (International
Samuel Exploration Corp.: 20,000 common shares for each kimberlite; Cantech
Ventures Inc.: 40,000 common shares for each kimberlite; Dasher Energy
Corp.: 20,000 shares for each kimberlite).
Finders fees to Canaccord Capital Corp. are as follows:
1. Stornoway Venture$10,000 cash
2. Cantech Ventures 356,667 units at a deemed price of 12 cents per unit,
with each unit comprising one share and one
non-transferable share purchase warrant, each warrant
to purchase an additional common share at a price of 12
cents per share for one year
3. Dasher Energy Cor92,300 units at a deemed price of 13 cents per unit,
with each unit comprising one share and one
non-transferable share purchase warrant, each warrant
to purchase an additional common share at a price of 15
cents per share for one year
4. International Sam129,697 units at a deemed price of 33 cents per unit,
with each unit comprising one share and one
non-transferable share purchase warrant, each warrant
to purchase an additional common share at a price of 43
cents per share for one year
For further information, refer to the press releases of the above-noted
issuers of Dec. 5, 2001, and Dec. 6, 2001. |
