From Financialpost · · 1m
Azimut and Centerra Amend Option Agreement
Azimut and Centerra adjust exploration spending for Corvet and Kaanaayaa properties.
In brief
Azimut and Centerra adjust exploration spending for Corvet and Kaanaayaa properties. Azimut and Centerra reduced minimum exploration expenditures under their option agreement for the Corvet and Kaanaayaa properties in Quebec. Originally reported by Financialpost.
Amendment to Option Agreement
Azimut Exploration Inc. entered into an amendment to the option agreement with Centerra Gold Inc. for the Corvet and Kaanaayaa properties in Quebec.
Reduced Exploration Spending
The amendment lowers Year 6 minimum exploration expenditures from $1,500,000 to $1,250,000, reducing total second phase expenditures from $10,000,000 to $9,750,000.
Total Expenditures Reduced
Centerra's aggregate exploration expenditures required to earn up to 70% interest in the properties drop from $16,000,000 to $15,750,000.
Cash Payments Unchanged
All other terms of the option agreement remain the same, including cash payments totaling up to $850,000.
Minority Shareholder Exemption
The Company intends to rely on exemption from minority shareholder approval under MI 61-101 as the total amount is less than 25% of market capitalization.
At a glance
Azimut and Centerra reduced minimum exploration expenditures under their option agreement for the Corvet and Kaanaayaa properties in Quebec.
