MGX Minerals Inc. (CNSX:XMG) agreed to acquire a 90% stake in Letain Nickel Project, British Columbia from Andris Kikauka and John Bakus for CAD 0.75 million on March 28, 2022. Payment terms are as follows: (i) CAD 50,000 within 30 days (the closing date); (ii) CAD 100,000 within 180 days; (iii) CAD 250,000 within 18 months; and (iv) CAD 350,000 within 3 years for a 90% interest in the project. The vendors will retain a 10% carried interest which may be bought out for CAD 5,000,000.

In addition, work commitments are as follows: (i) CAD 30,000 within the first year; (ii) CAD 100,000 within the second year; and (iii) $250,000 within the third year. A 2% net smelter return will remain with the vendors of which half (1%) maybe acquired for CAD 1,000,000. The transaction is subject to regulatory approval and is expected to close within 30 days.