From Financialpost · · 1m 20s
Nordique Critical Metals Gets TSXV Approval for Rare Earth Project
Nordique Critical Metals secures TSXV approval to acquire up to 80% interest in Québec's Kwyjibo Rare Earth Project.
In brief
Nordique Critical Metals secures TSXV approval to acquire up to 80% interest in Québec's Kwyjibo Rare Earth Project. Nordique Critical Metals received final TSXV approval for its acquisition of an option to earn up to 80% interest in Québec's Kwyjibo Rare Earth Project. Originally reported by Financialpost.
Nordique Critical Metals Announces TSXV Approval
Nordique Critical Metals Inc. received final TSXV approval for its acquisition of an option to earn up to 80% interest in Québec's Kwyjibo Rare Earth Project.
Transaction Terms Set
The deal terms include payments of C$23.15m over five years to earn 60% interest in the project.
Phase I Option Details
NQC earns 60% interest through cash payments, share issuances, and project investments totaling C$23.15m.
Phase I Investment Requirements
Investments include impacts and benefits agreements, metallurgical studies, environmental permits, drilling campaigns, and feasibility studies.
Phase II Option Details
NQC may earn an additional 20% interest through payments of C$22.00m over three years.
Phase II Investment Requirements
Investments include feasibility study completion, access road construction, electrical transmission lines, underground mines, and processing facilities.
Joint Venture Formation
After Phase I, NQC and SOQUEM will form a joint venture to develop the Kwyjibo Rare Earth Project.
The main idea
Nordique Critical Metals received final TSXV approval for its acquisition of an option to earn up to 80% interest in Québec's Kwyjibo Rare Earth Project.
