- Newfoundland Discovery (NEWD) enters into LOI to sell Bouvier Lithium Property
- The company has granted Mining Equities Pty the right to acquire a 100 per cent interest in the Bouvier Lithium Property
- The Bouvier Property consists of two mineral claims comprising approximately 85 hectares
- It has also granted Mining Equities 45 days in consideration of a non-refundable payment of $1,000
- Newfoundland Discovery (NEWD) is trading at C$0.05 at 11 am ET
Newfoundland Discovery (NEWD) has entered into a binding letter of intent.
The company has granted Mining Equities Pty, an Australian company, the right to acquire a 100 per cent interest in the Bouvier Lithium Property.
Newfoundland is one of the largest mineral claim holders in the Detour trend and retains significant landholdings in Newfoundland.
The Bouvier Property consists of two mineral claims comprising approximately 85 hectares, located in Québec, Canada.
Under the terms of the LOI, Mining Equities may acquire a 100 per cent interest in the Bouvier Property by paying $275,000 at the closing of the definitive agreement.
It has also granted Mining Equities an exclusive due diligence period of 45 days in consideration of a non-refundable payment of $1,000.
Completion of the transaction is subject to a satisfactory due diligence period.
Newfoundland Discovery is a Canadian junior mining exploration company focused on exploration and development along the Detour Gold trend in Quebec and the Central Gold Belt in Newfoundland and Labrador.
Newfoundland Discovery (NEWD) is trading at C$0.05 at 11 am ET.
