Nortec Minerals Corp. (TSXV:NVT) entered into a letter agreement with Vulcan Minerals Inc. to sell the Company’s interest in the Tasisuak Lake TL Nickel Property that is located in Labrador.
As quoted in the press release:
The consideration of the sale of the Property shall be 1,000,000 fully paid and non-assessable common shares (“Consideration Shares”) in the capital of Vulcan, subject to regulatory hold periods, with Vulcan having a first right of refusal to purchase the Consideration Shares from Nortec. Vulcan shall grant to Nortec a 1% net smelter royalty (the “Royalty”) in the Property with buyback provision on $0.5% of the Royalty for $1,000,000, with cumulative royalty to be capped at $3,000,000.
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