Ximen Mining has entered into a royalty option agreement with Gungnir Resources pursuant to which the company has acquired an option to buy all of Gungnir’s remaining interest in its 4% gross metal royalty over the Kenville gold mine property, in British Columbia, for $1.7-million.
To exercise the option, Ximen, in accordance with the terms and conditions of the agreement, will pay Gungnir $500 000 in cash on the transaction’s approval by the TSX-V.
Ten days after the TSX-V approval, Gungnir will receive $200 000 in Ximen shares.
A further $1-million in cash will be paid to Gungnir on or before October 31.
A further $3-million remains payable under the terms of the royalty.