Maxtil International Inc. entered into a binding letter of intent to acquire Remedios Gold Holdings S.A. and Nueva Grande S.A.S. from Wolverine Minerals Corp. (TSXV:WLV) in assumption of debt on December 22, 2015. In consideration, the purchaser will assume and be responsible for all liabilities of the subsidiaries, and the purchaser has agreed to grant Wolverine Minerals a 3% net smelter return royalty on net proceeds received by the subsidiaries from the sale of gold, silver and platinum group metals recovered from production from the properties owned.

The purchaser will be entitled to repurchase this royalty from Wolverine Minerals at any time. Completion of the transaction is subject to certain conditions precedent, including the execution of a formal definitive agreement expected by January 15, 2016, or such later date as the parties mutually agree to in writing, approval from Board of Directors of each of Wolverine and the purchaser, the approval of the TSX Venture Exchange and other conditions. The parties agree that the date of closing of the transaction will occur within ten business days following receipt of Exchange approval of the transaction.

The closing date shall, in any event, occur not later than January 22, 2016, or such other date as the parties may mutually agree to in writing. If the closing date does not occur by January 30, 2016, or such other date as the parties may mutually agree to in writing, either party may terminate its obligations.