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Zimtu Capital Corp. (TSXV:ZC,FWB:ZCT1) announced that the Company and two of its prospecting partners have signed an agreement with Orocan Resource Corp. whereby Orocan can earn a 100%-interest in the three graphite properties in Ontario, Canada including the Black Donald and Little Bryan Properties.
As quoted in the press release:
For its participation in the transaction, Zimtu will receive staged payments totalling C$12,500 and 1,000,000 common shares over a 24-month period. Zimtu’s partners, Bill Brereton and Paul Sobie, will collectively receive cash and share consideration equal to that of Zimtu. The vendors will retain a 2% Net Smelter Returns Royalty on the properties; which can be purchased by Orocan for C$1 million. The transaction is subject to acceptance by the TSX Venture Exchange.
Click here to read the Zimtu Capital Corp. (TSXV:ZC,FWB:ZCT1) press release
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