Wealth Minerals Terminates Option Agreement With Balmoral Resources

Balmoral Resources (TSX:BAR) reported that the company will retain a 100 percent interest in its N1 and N2 gold properties, as its option agreement with Wealth Minerals (TSXV:WML) has been terminated. Welath has chosen to focus on opportunities in the lithium space.
As quoted in the press release:

Balmoral and Wealth have entered into an Agreement (the “Termination Agreement”) whereby Wealth will settle certain obligations originally contemplated under the Option Agreement by making to Balmoral certain cash and/or common share payments in installments between April 1 and October 1 of 2016. Any common shares to be delivered under the terms of the Termination Agreement shall be valued at the average price of Wealth’s common shares for the proceeding 20 trading days and maybe subject to prior approval of the TSXV and standard hold provisions. Balmoral received a payment of 1,000,000 common shares of Wealth in February of 2015 and currently retains 425,000 shares for investment purposes.

Balmoral president and CEO, Darin Wagner, said:

Given the rising tide in the gold market, in particular in relation to gold opportunities in Canada, we are pleased to get the N1 and N2 properties back unencumbered. This provides Balmoral with the flexibility to find an alternative path to advance the properties while having captured some benefit for the shareholders over the last 12 months.

Click here for the full press release.