Margaux Resources, Sultan Minerals amend anew Jersey Emerald option
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Calgary, Alberta-based MargauxResources Ltd. said Feb. 16 that it has once again amended its optionagreement for the Jersey Emeraldmolybdenum property with Sultan MineralsInc. to defer Sultan's required payments to Margaux.
Sultan Minerals will now have until March 31 to pay C$1.6 millionas part of its option agreement to earn 100% in the British Columbian property;the payment was moved backto Feb. 28 in December 2015. The payment schedule was earlier in October 2015.
An additional C$10,000 is due Feb. 22. Sultan Minerals is requiredto announce possible financing arrangements in order to meet the remaining optionpayments.
Margaux also said it has entered a letter of intent with an unspecifiedinternational mining company to develop Jersey Emerald. The LOI envisions an initialfeasibility and testing stage, as well as the completion of a full feasibility study.
In connection with the agreement, Margaux Resources said it hasentered into a finder's fee agreement with Christie Environmental Inc. The finder'sfee is comprised of a cash payment equal to 0.5% of the measureable benefit receivedby Margaux, and the issuance of 5% common share purchase warrants, which are exercisableat 20 cents per share within a five-year window.