- Skyharbour Resources ( OTCQX:SYHBF ) entered into an option agreement with Tisdale Clean Energy, which enables the latter to acquire an initial 51% interest and up to a 75% interest in the South Falcon East Property.
- The property, consisting of mineral claims totaling 12,464 hectares, is located in the Athabasca Basin in Northern Saskatchewan.
- Assuming that 75% interest is earned, Tisdale will issue Skyharbour 1.1M shares upfront, fund exploration expenditures totaling CAD 10.5M and pay CAD 11.1M in cash.
- The $6.5M of the cash amount can be settled for shares in the capital of Tisdale over a five-year earn-in period.
- Source: Press Release
For further details see:
Skyharbour signs option agreement with Tisdale Clean Energy for stake acquisition