Mosaic Minerals Corporation has announced an option agreement with Castlebar Capital Corporation allowing Castlebar to acquire up to a 100% interest in the Lichen Project. Under this agreement, Castlebar can earn a 50% undivided interest in the project by making cash payments totaling $205,000, issuing 1,350,000 shares, and incurring $750,000 in qualifying expenditures over three years. If Castlebar exercises the First Option, they can then opt to acquire an additional 50% interest by making another $150,000 cash payment and issuing 1,500,000 shares. The transaction will serve as Castlebar’s Qualifying Transaction under the TSX Venture Exchange’s Capital Pool Company program. The Lichen Project comprises 282 claims covering 15,622 hectares and is strategically located near established gold-bearing volcanic belts. The agreement also allows for accelerated payments and expenditures. This deal promises significant benefits for both parties, enabling Castlebar to expand its portfolio while providing Mosaic with liquidity and investment in its assets.
Mining and Exploration, Finance and Investment,Canada, Quebec
https://www.globenewswire.com/news-release/2024/06/11/2896793/0/en/Mosaic-Signs-Option-Agreement-with-Castlebar-Capital-to-Sell-Up-to-100-Interest-in-the-Lichen-Project.html