Blackstone Ventures Inc. (TSX VENTURE:BLV) has announced that it has agreed to terms on which Canadian Arrow Mines Ltd. will acquire a 100% undivided interest in Blackstone's interest in the Kenbridge nickel project in Ontario.
Pursuant to the terms of the original letter agreement dated September 13th, 2006 Canadian Arrow has issued to Blackstone 2,500,000 units in its capital stock and incurred over $9,000,000 in exploration expenditures on the Kenbridge property. Also pursuant to the agreement, Canadian Arrow was required to make a final payment to Blackstone of $1,000,000 by December 31, 2012. Canadian Arrow and Blackstone have now agreed that, subject to the necessary regulatory approvals, such payment will be replaced with a cash payment in the amount of $250,000 plus the issuance of the $250,000 of units ("Units") of Canadian Arrow. Each Unit will be issued at a deemed issue price of $0.0776 and will consist of one common share of Canadian Arrow and one common share purchase warrant. Each warrant entitles Blackstone to purchase one additional common share at a price of $0.10 for a period of two years.
Source: Blackstone Ventures Inc.