Kenorland Minerals to Sell Napoleon Project in Alaska
01:38 PM EST, 02/05/2021 (MT Newswires) -- Kenorland Minerals (KLD.V) has entered into a definitive purchase and sale agreement to sell its Napoleon Project in Alaska to J2, a private mineral exploration company.
The company will transfer its interest in the Napoleon Project to J2 in exchange for 15% of the issued and outstanding shares in J2 on a fully diluted basis; a 1% net smelter returns royalty on the Napoleon Project; and $500,000 in committed expenditures on the Napoleon Project within 12 months of the effective date of an operator services agreement in which Kenorland will act as operator on market standard fees.
Kenorland President and CEO, Zach Flood commented: "We are very pleased to have entered into this agreement with J2 Metals. The divestment allows us to focus on our core assets in Alaska while retaining exposure to upside through the ownership interest in J2 as well as an NSR on the Napoleon Project."
The company has also granted a total of 740,000 stock options to directors, officers, employees and consultants. Each option is exercisable into one common share at a price of $1.00 for a period of five years. The options vest 25% immediately followed by 25% every 6 months thereafter.
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