VANCOUVER – Jaxon Minerals Inc. announced Friday an option agreement to acquire 100 per cent of the mineral rights to three properties in Manitoba and Saskatchewan in a deal valued at some $ 225,000 in cash and stock.
The agreement with Gem Oil Inc. and others who were not named in the Jaxon announcement, involves the Lucille Lake Block of some 2,982 hectares along with the 144-hectare Snow Lake Block in central Manitoba and the 440-hectare Beatty Lake Block in Saskatchewan.
The deal calls for payment of some $ 90,000 in cash over 24 months and the issuance to the vendors over the same period of some 900,000 Jaxon shares, which would have a value of $ 135,000 based on Friday’s closing share prices of 15 cents on the TSX Venture Exchange.
The vendors also retain a three per cent net smelter return royalty on the properties, half of which can ben purchased by Jaxon.
Local news from metronews.ca/vancouver
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