StockMarketWire.com - Ardiden has exercised its option to purchase 100% of Landore's Root Lake lithium property, located in north western Ontario, Canada.
The option agreement - announced in February - provided that Ardiden could purchase Landore's interest in Root Lake on the following terms: - a non-refundable deposit of C$50,000 payable to Landore upon the date of execution of the option agreement, payment of which has been received by the Company; Upon completion, scheduled for 26 July
- C$150,000 cash payable by Ardiden to Landore; and
- C$150,000 of ordinary shares of the Optionee, such ordinary shares to be: (i) issued by Ardiden to Landore, and (ii) issued at the 20-day VWAP prior to Ardiden's announcement dated 10th February 2016 (such VWAP to be calculated in accordance with the rules of the Australian Securities Exchange, excluding block trades) of Ardiden's ordinary shares; and
- The granting to Landore of a 3% net smelter royalty ("NSR") from minerals produced from Root Lake, to be effective at the Completion Date which will be evidenced by a customary royalty agreement. The Royalty Agreement shall include the right for Ardiden to purchase 50% of the Royalty (i.e. half of the 3%) from Landore for a payment of C$1,000,000.00.
Story provided by StockMarketWire.com
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