- Quebec Silica Resources Corp. (QTZ) has entered an agreement to acquire a 100 per cent interest in mineral claims in Lac-Pikauba, Quebec
- Quebec Silica acquired the mineral claims from Mr. Eddy Canova in accordance with a property purchase and sale agreement dated October 8,2021
- Mr. Canova will retain a 1.5 per cent net process royalty from any commercial production on the claims, but the company has the right to reduce that rate to 0.75 per cent by paying $750,000
- By adding the new claims, Quebec Silica creates a land package of 923 hectares which will now be named the Charlevoix Silica project
- Quebec Silica Resources Corp. (QTZ) is up 33.3 per cent and is trading at $0.08 at 12:12 p.m. ET
Quebec Silica Resources Corp. (QTZ) has entered an agreement to acquire a 100 per cent interest in mineral claims in Lac-Pikauba, Quebec.
It consists of three neighbouring mining claims covering an area of approximately 173 hectares and is located between the company’s two flagship properties, the Charlevoix and the Roche Blanche property.
Quebec Silica acquired the mineral claims from Mr. Eddy Canova in accordance with a property purchase and sale agreement dated October 8, 2021.
With this agreement it will acquire the deal by paying $5,000, issuing 50,000 common shares at a price of $0.07 and issuing 50,000 common share purchase warrants. Each warrant will entitle the holder to acquire one additional share at a price of $0.15 per share for 60 months after the closing.
Quebec Silica is also obligated to provide the same offer on the one-year anniversary of the closing.
Mr. Canova will retain a 1.5 per cent net process royalty from any commercial production on the claims, but the company has the right to reduce that rate to 0.75 per cent by paying $750,000.
By adding the new claims, it creates a land package of 923 hectares which will now be named the Charlevoix Silica project.
The high-grade silica formation is actively mined by nearby operators and is mapped to expand through Quebec Silica’s new project property.
The issuance of securities is subject to needing all regulatory approvals, including that of the CSE. The securities shares will be put on a ‘hold’ period of four months and one day for their date of issuance.
Quebec Silica Resources Corp. (QTZ) is up 33.3 per cent and is trading at $0.08 at 12:12 p.m. ET.
