Ethos Gold Corp. entered into an agreement to acquire 48 Mineral Claims Covering 2,359 Hectares within the Schefferville Gold District from IC Capitalight Corp. (CNSX:IC) for CAD 0.1 million.

Ethos Gold Corp. (TSXV:ECC) entered into an agreement to acquire 48 Mineral Claims Covering 2,359 Hectares within the Schefferville Gold District from IC Capitalight Corp. (CNSX:IC) for CAD 0.1 million on February 16, 2021.

Pursuant to the transaction, Ethos purchased the claims from IC Capitalight for CAD 0.1 million cash, CAD 0.05 million of which is payable upon execution of the agreement and CAD 0.05 million of which is payable on the date that is five business days after the satisfaction or waiver of all conditions precedent under the agreement, and 2 million shares of Ethos payable on TSXV approval of the agreement. Additionally, Ethos has granted to the vendor a 2.0% NSR of which Ethos may purchase 1.0% for a cash payment of CAD 1 million. The NSR becomes effective on the date that is five business days after the satisfaction or waiver of all conditions precedent under the agreement.

Ethos has committed to spending CAD 0.5 million over three years on the claims with any shortfall resulting in a cash payment to the vendor in an amount equal to a prorated cash payment of CAD 0.1 million. The transaction is subject to acceptance by the TSX Venture Exchange.