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Kivalliq Energy Corporation (TSXV:KIV) signed a Letter of Intent with Westham Resources Corp. (TSXV:WHR) for exploration on Kivalliq’s Genesis Property in northeastern Saskatchewan, Canada. Subject to conditions, WHR can acquire 85% interest in Kivalliq’s Genesis Property in exchange for 20% of the issued and outstanding shares of WHR on a post-transaction/post-financing basis, CDN$1 million in cash payments, and CDN$5 million in exploration expenditures over four years.
As quoted in the press release:
Subject to conditions to be set forth in a Definitive Agreement between Kivalliq and Westham, WHR can acquire 85% interest in Kivalliq’s Genesis Property in exchange for 20% of the issued and outstanding shares of WHR on a post-transaction/post-financing basis, CDN$1 million in cash payments, and CDN$5 million in exploration expenditures over four years. Upon acquisition of an 85% interest in Genesis by Westham, Kivalliq’s remaining 15% interest in the project will be carried through to completion of a bankable feasibility study and a recommendation from the board of WHR to proceed to commercial production. Kivalliq will be project operator for at least the first two years of the agreement.
Click here to read the Kivalliq Energy Corporation (TSXV:KIV) press release
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