LOUNOR EXPLORATION INC. is announcing the closing of the transaction announced on March 22, 2013, following the approval of the TSX Venture Exchange on November 9, 2012. The transaction consists of the acquisition of 105 mining claims composing the Matagami Gold property. The Matagami Gold property is located in the Matagami mining camp, Quebec.
The Matagami mining camp has a long history of producing base and precious metals with at least 15 mines to date (former and current producers). Lounor has the option to acquire a 100% interest in 105 mining claims located in the Isle-Dieu Township, Province of Quebec, covering a total area of 1,632 hectares.
Option Agreement
The consideration payable by the Corporation consists of the issuance of 15,000,000 common shares over a two years period (7,500,000 in the first year), a payment of $40,000 over a four year period ($20,000 in the first year) and a commitment to execute $4,250,000 in exploration work over a period of six years. When Lounor will have filled these commitments, the Corporation will pay to the vendors a lump sum of $125,000 on a monthly basis over a period of 24 months, for a total amount of $3,000,000.
The vendors have retained a 0.5 % NSR in the property and there is also an existing 2 % NSR in favor of a former owner.
Cancellation of Debt Settlement
Lounor also announces that the debt settlement that was announced in the Press Release dated April 26, 2013 for an amount of $10,000 has been cancelled.
Source: http://www.lounor.com/