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West Melville Metals Inc. (TSXV:WMM) came to an agreement with Hunter Minerals Pty Ltd to amend the Isortoq Purchase Agreement. This is to reduce the cash payment due from West Melville on December 31, 2012 from that amount equal to 10% of the gross proceeds of the Company’s IPO to US$ 250,000.
As quoted in the press release:
The Company will secure 100% ownership of the Isortoq Property on July 31, 2013 by paying the Project Vendor the amount that is equal to US$2,500,000 less the amounts paid up to and including December 31, 2012 (US$ 1,073,875) and issuing to the Project Vendor that number of share purchase warrants (the “VWAP Warrants”) equal to US$500,000 divided by the price which is equal to 120% of the volume-weighted average trading price of the common shares calculated over the ten trading days up to but excluding July 31, 2013 (the “VWAP Price”).
Click here to read the West Melville Metals Inc. (TSXV:WMM) press release
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