Canada One Mining Corp. to Acquire Right to Earn 100% Interest Subject to 2% Royalty in the Franelle Copper Project
Canada One Mining Corp. announced that it has entered into an option agreement, effective date August 31st, 2021 pursuant to which the company will acquire the right to earn a 100% interest, subject to a 2% royalty, in the Franelle Copper Project, a 31 square kilometre contiguous property located 90 kilometres northwest of Schefferville, Quebec, from Messrs. Fayz and Ramy Yacoub, arm's length parties. The company can earn a 100% interest in the Franelle Copper Project, subject to a 2% net smelter return royalty by meeting the following terms: Issuing 3,000,000 shares as follows: 500,000 Shares within five business days of approval of the TSX Venture Exchange; An additional 500,000 Shares on or before the first anniversary of the Approval Date; An additional 500,000 Shares on or before the second anniversary of the Approval Date; An additional 500,000 Shares on or before the third anniversary of the Approval Date; An additional 500,000 Shares on or before the fourth anniversary of the Approval Date; and An additional 500,000 Shares on or before the fifth anniversary of the Approval Date. Making cash payments totaling $300,000 as follows: $25,000 payable on signing of the Agreement as non-refundable deposit; An additional $25,000 payable within 15 days from signing of the Agreement as further non-refundable deposit; An additional $50,000 payable on or before the first anniversary of the Approval Date; An additional $50,000 payable on or before the second anniversary of the Approval Date; An additional $50,000 payable on or before the third anniversary of the Approval Date; An additional $50,000 payable on or before the fourth anniversary of the Approval Date; and An additional $50,000 payable on or before the fifth anniversary of the Approval Date. Incurring $5,000,000 in Exploration Expenditures on the Property as follows: $250,000 within 12 months from the Approval Date; An additional $250,000 within two years from the Approval Date; An additional $250,000 within three years from the Approval Date; An additional $250,000 within four years from the Approval Date; An additional $250,000 within five years from the Approval Date; and An additional $3,750,000 at any time, in any number of proportions and amounts, within five years from the Approval Date. In addition, in the event the company files a technical report supporting the disclosure of a mineral reserve on the Project at any time prior to the acquisition of the Project, the company shall issue an additional 1,000,000 shares as a bonus to the Vendors. The company can purchase 50% (or 1%) of the net smelter return royalty on the Project at any time for $2,000,000.