The Conversation (0)
Sunset Cove Mining (TSXV:SSM) signed a Mineral Option Agreement with a group of Quebec prospectors to purchase 100% of the Lac Guéret West Graphite Property in north-eastern Quebec. The Lac Guéret West Property is located approximately 300 km north of Baie Comeau and 660 km north of Montreal, is road accessible and within the Grenville province. The Company also announced that the Board of Directors has also approved the adoption of an advance-notice policy.
As quoted in the press release:
The terms of the option require a payment of $15,000 and the issuance of 1,500,000 Units of Sunset Cove with each Unit consisting of one common share of Sunset Cove and one common share purchase warrant (each warrant entitles the holder thereof to acquire one additional common share of Sunset Cove for twenty four months following the approval by the regulatory authorities at a price of $0.10 per share), Sunset Cove must have made $200,000 (two hundred thousand) in exploration and/or development work on the Property within 12 months after regulatory approval. Sunset Cove shall pay a net smelter royalty (“NSR”) of 2% on all metals produced from the Property and at any time have the right to buy back one per cent (1%) of the NSR by paying one million dollars ($1,000,000) to the vendors.
The President also announces that the Board of Directors has also approved the adoption of an advance-notice policy for the purpose of providing shareholders, directors and management of Sunset Cove with a clear framework for nominating directors. The policy is meant to: (i) facilitate an orderly and efficient process for annual general meetings or, where the need arises, special meetings of shareholders; (ii) ensure all shareholders receive adequate notice of the director nominations and sufficient information with respect to all nominees; and (iii) allow shareholders to register an informed vote with respect to director nominations, having been afforded reasonable time for appropriate deliberation.
Click here to read the Sunset Cove Mining (TSXV:SSM) press release
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