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A Memorandum of Understanding was signed by Nortec Minerals Corp. (TSXV:NVT) with Akkerman Exploration B.V. on January 24, 2012, to earn an undivided 80% interest in the Karhujupukka Iron-Titanium-Vanadium Palladium-Platinum-Gold Property, located in Finland.
As quoted in the press release:
Akkerman has filed an application for 100% of legal and beneficial right, title and interest in and to seven (7) exploration claims (“Karhujupukka Property”) with a combined surface area of approximately 600 hectares. The application was filed with the Finnish Ministry of Labor and the Economy on June 27, 2008.
The MOU gives Nortec the exclusive right to:
a. verify and evaluate the data and information made available by Akkerman;
b. evaluate any other relevant data and information concerning previous exploration conducted by third parties on the claim areas; and
c. collect additional data in the field through initial reconnaissance and exploration work on the claims.
Nortec will pay AEbv 250,000 common shares of the Company upon signing of the MOU and receiving TSX Venture Exchange approval. Nortec will enter into an option agreement when AEbv has been granted 100% interest in the Karhujupukka Property by the Finnish authorities.
In addition, Nortec will issue to AEbv the following common shares of the Company:
• The date of signature of the Option Agreement: 250,000 common shares;
• The first year anniversary of the Option Agreement: 1,000,000 common shares;
• The second year anniversary of the Option Agreement: 1,500,000 common shares;
• The third year anniversary of the Option Agreement: 2,000,000 common shares.
The Minimum Exploration Expenditures for the first twelve (12) months after signature of the Option Agreement amounts to €200,000 (“Minimum Expenditure”).
After funding and incurring the Minimum Exploration Expenditure, Nortec may withdraw from the option agreement at any time. No party shall have any claim against the other party arising out of the termination of the option agreement.
Click here to read the Nortec Minerals Corp. (TSXV:NVT) press release
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