- NexOptic Technology Corp.(NXO) amends the terms of its mineral property option agreement withSelten Metal Corp for the THOR Project in Nevada
- In order for Selten to acquire an initial 75 per cent interest in THOR it must make various payments over the course of two years
- THOR is subject to a two per cent net smelter returns royalty
- NexOptic can purchase an NSR at any time for $500,000, provided that the entire royalty can be acquired for $1 million
- The THOR Project consists of approximately 2184 hectares near an active mining region
- NexOptic Technology Corp.(NXO) is down 5.26 per cent trading at $0.36 per share as of 12:20 p.m. ET
NexOptic Technology (NXO) has amended the terms of its mineral property option agreement for the THOR Project in Nevada with Selten Metal Corp.
In order for Selten to acquire an initial 75 per cent interest in THOR it must:
(a) Make a cash payment of $1,100,000 to NexOptic by May 15
(b) Upon the eventual listing date, issue NexOptic such number of common shares in its capital representing 9.5 per cent of the issued and outstanding Selten shares post issuance
(c) issue to NexOptic an additional 500,000 shares one year after the listing date
(d) Issue an additional 500,000 shares two years after the listing date.
The listing date is related to a reverse-takeover Selten has with a capital pool company. If a listing date does not occur within two years of the date of the NexOptic option, then the option will terminate.
Selten is providing the initial payment which is due by May 15, and it will reduce the consideration payable to NexOptic. This is so Selten can exercise its option to acquire the remaining 25 per cent interest in THOR, following its initial acquisition of a 75 per cent interest.
THOR is subject to a two per cent net smelter returns royalty (NSR) held by a private entity. Each NSR can be purchased by NexOptic at any time for $500,000, provided that the entire royalty can be acquired for $1 million.
The THOR Project consists of approximately 2184 hectares near an active mining region in Nevada where what was once the largest rare-earth element mine in the world, Mountain Pass.
NexOptic is an imaging AI company headquartered in Vancouver with operations in Seoul, South Korea, offering world-leading patented and patent-pending data compressing AI solutions.
NexOptic Technology Corp.(NXO) is down 5.26 per cent trading at $0.36 per share as of 12:20 p.m. ET.
