The Conversation (0)
Quantum Rare Earth Developments Corp. (TSXV:QRE,OCTQX:QREDF,FWB:BR3) announced that it has entered into an option agreement whereby Florella Holdings can earn an 80% interest in the Australian Jungle Well and Laverton properties.
As quoted in the press release:
Pursuant to the terms of the Option Agreement dated for reference September 19, 2011 between Florella and the Company’s Australian subsidiary, Florella has been granted an option to acquire up to an 80% interest in the Australian Properties in consideration of:
- cash payments to Quantum of $60,000 (CA) on signing (paid);
- a further cash payment of $120,000 (US) within 14 days of exercise of the Option;
- the issuance to Quantum of shares of Florella’s newly listed public company (“Newco”), upon completion of an IPO, valued at IPO issue price totaling no less than $750,000 (AUD) in value; and
- the payment to Quantum of up to $60,000 (CA) as reimbursement for costs incurred in preliminary exploration work carried out by Quantum on the Australian Properties during the summer of 2011.
Click here to read the Quantum Rare Earth Developments Corp. (TSXV:QRE,OCTQX:QREDF,FWB:BR3) press release
Click here to see the Quantum Rare Earth Developments Corp. (TSXV:QRE,OCTQX:QREDF,FWB:BR3) profile.