# Azimut and Centerra Amend Option Agreement

> Azimut and Centerra adjust exploration spending for Corvet and Kaanaayaa properties.
- Title: Azimut and Centerra Amend Option Agreement · Financialpost
- Summary: Azimut and Centerra adjust exploration spending for Corvet and Kaanaayaa properties. Azimut and Centerra reduced minimum exploration expenditures under their…
- Keywords: azimut, centerra, corvet, kaanaayaa, eeyou istchee james bay, quebec, tsxv, option agreement, exploration expenditures, mining, money, business
- Source: Financialpost — https://financialpost.com/globe-newswire/azimut-and-centerra-amend-option-agreement-for-the-corvet-and-kaanaayaa-properties
- Read time: 1 min
- Topics: azimut, centerra, corvet, kaanaayaa, eeyou istchee james bay, quebec, tsxv, option agreement, exploration expenditures, mining, money, business
## 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.
## Key takeaway

Azimut and Centerra reduced minimum exploration expenditures under their option agreement for the Corvet and Kaanaayaa properties in Quebec.