Voyager Metals Inc (the “Company”) (TSXV:VONE, Financial) is pleased to announce that its has entered into an agreement to acquire 24 additional claims (the “Claims”) in the Chibougamau area that are located adjacent to its claims containing the Mont Sorcier iron and vanadium project (the “Agreement”).
The terms of the Agreement provide for a purchase price of $250,000, plus 500,000 common shares of the Company to be paid to the vendor at closing, at which time the Claims will be transferred to the Company. From years 5 to 10 the Company is required to pay an additional $200,000 per year for a total of $1,000,000 in deferred consideration. The vendor would be granted a 3% net smelter royalty applicable only to the Claims subject to the Agreement, subject to the option of the Company to buy back 1% of the NSR for $1,000,000. In the event that no project has commenced development at Mont Sorcier, the Claims would revert back to the vendor at the end of ten years.
The transaction is expected to close upon receipt of approval from the TSX Venture Exchange.
About Voyager Metals Inc.
Voyager Metals Inc is a mineral exploration company headquartered in Toronto, Canada. The Company is focused on advancing its Mont Sorcier, Vanadium-rich, Magnetite Iron Ore Project, in Chibougamau, Quebec. As reported in the compliant NI 43-101 Technical Report – Mineral Resource Estimate of the Mont Sorcier Project, Province of Quebec, Canada completed by CSA Global and dated June 25, 2021, the South Zone contains 113.5 Mt Indicated mineral resources at 30.9% Magnetite and 144 Mt Inferred resources at 24.9% Magnetite and the North Zone has 809.1 Mt inferred mineral resources at 34.2% Magnetite.
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