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Cartier Iron Vests its 55pct interest in Gagnon Holdings

Mining News - Published on Tue, 02 Jan 2018

Image Source: GlobeNewswire
Cartier Iron Corporation announce that it has fully vested its 55% interest in the Gagnon Holdings Property ("Gagnon Holdings"), pursuant to the Gagnon Holdings Option and Joint Venture Agreement (the "Agreement") as amended, between Cartier Iron and Champion Iron Mines Limited a wholly owned subsidiary of Champion Iron Limited. As per the terms of the Agreement, with the payment of the remaining USD 450,000 option payment to Champion and the repayment of a term loan due from Cartier Iron to Champion in the amount of USD 354,145 (inclusive of accrued interest), Cartier Iron fulfilled its obligation to vest its 55% interest in the Gagnon Holdings.

A USD 400,000 portion of the final option payment was satisfied through the delivery of 500,000 common shares of Eloro Resources Ltd., which Cartier Iron transferred to Champion at a deemed value of USD 0.80 per share, as per an agreement in principal between theFollowing the earn-in, Cartier Iron and Champion, as holder of the remaining 45% interest in the Gagnon Holdings, have formed a joint venture reflective of their proportionate ownership interests in order to further explore and develop the properties, located in the southern portion of the Labrador Trough. In the event that a joint venture party's interest is diluted below 10%, it will be converted to a 1% royalty, half of which may be purchased for USD 3 million.

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Posted By : Rabi Wangkhem on Tue, 02 Jan 2018
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