Nortec Minerals Corp. (TSXV:NVT,FWB:WMQ) has signed an option agreement with Akkerman Exploration B.V. for an acquisition of 80% interest in the Karhujupukka Iron-Titanium-Vanadium (“Fe-Ti-V”) Palladium-Platinum-Gold (“PGE-Au”) Project
As quoted in the press release:
Nortec will fund and incur Exploration Expenditures of €1,500,000 over an Earn-In-Period of four (4) years from the date of signature of the Option Agreement. 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 (paid);
- 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.