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Greenlight Resources Inc. announced that it has entered into a letter of intent with Explorex Capital Ltd. whereby Explorex is granted an option to acquire up to an 85% interest in its rare earth element and base metal Porcupine Property located in New Brunswick.
As quoted in the press release:
To earn an initial 70% interest, Explorex will be required to make total cash payments of $180,000, issue a total of 850,000 common shares of the Company and incur exploration expenditures of $1,000,000 over three years.
Greenlight Resources Inc., President & CEO, Chris Anderson, said:
“After expending approximately $140,000 in initial exploration, we are pleased with the progress on the property to date. This is our initial step in leveraging Greenlight’s ability to find and advance properties of merit in Atlantic Canada. GreenLight is taking this approach in order to enhance shareholder value and assist in offsetting the expense of building and expanding an early stage exploration team to continue exploring Atlantic Canada. Challenging times require creative solutions and this is one approach we are taking, while advancing our main assets through the drilling stage in attempts to building a resource.”
Click here to read the Greenlight Resources Inc. (TSXV:GR,OTCBB:PRZCF,FWB:PHO) press release
Click here to see the Greenlight Resources Inc. (TSXV:GR,OTCBB:PRZCF,FWB:PHO) profile.