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Olympic Resources Ltd (TSXV:OLA) announced that it has entered into a non-binding agreement with Majescor and Sunridge for an option to acquire 100% of Daraina Exploration S.A.R.L. which holds the Besakoa graphite exploration property in Madagascar.

Olympic Resources Ltd (TSXV:OLA) announced that it has entered into a non-binding agreement with Majescor and Sunridge for an option to acquire 100% of Daraina Exploration S.A.R.L. which holds the Besakoa graphite exploration property in Madagascar.

As quoted in the press release:

The letter agreement outlines the principal terms and conditions to enter into a two-year option to purchase 100% of the shares of Daraina on signing a definitive option agreement and paying a total of $150,000, split $75,000 to Sunridge and $75,000 to Majescor. Before the second year anniversary of signing a definitive option agreement, Olympic must expend a minimum of $1,000,000 (first year $300,000 obligation) in exploration work on Besakoa. Upon completion of the expenditures, Olympic may exercise its option to purchase 100% of the shares of Daraina by delivering notice and paying a total of $1,250,000, split $625,000 to Sunridge and $625,000 to Majescor, subject to the retention by Sunridge and Majescor of a 2% net smelter returns royalty on the Besakoa project, split 1% to Sunridge and 1% to Majescor. Upon successful conclusion of due diligence, on direction of Olympic, the parties will seek to draft a definitive agreement, subject to any regulatory approvals that may be required.

Click here to read the full Olympic Resources Ltd (TSXV:OLA) press release.

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