Investors are largely going to be looking into those companies that had been in focus on Tuesday morning, and a company that could be tracked by many is Nickelex Resource Corporation (OTC:NXLXF). Yesterday, it was announced that the company had inked a letter agreement with Origen Resources Inc. on April 19, 2024, to acquire 100% interest in as many as nine claims. The nine claims, all located in the boundary district of south-central British Columbia, encompass an area of 3583.89 hectares.
The claims are collectively called the Arlington Property. The agreement, known as the Arlington Agreement, would be completed once it was accepted by the TSX Venture Exchange. As per the provisions of the agreement, Nickelex Resource Corporation could earn as much as 100% interest in the property by meeting a set of obligations to Origen in a year’s time from the regulatory approval of the agreement.
It could be a good move to consider taking a look into some of the obligations that Nickelex Resource Corporation would have towards Origen. Nickelex Resource Corporation would need to make cash payments to the tune of $130,000, and out of that, $30,000 would constitute the reimbursement of costs related to the bond that had been posted regarding the current drill permit that would be assigned to the company.
Secondly, Nickelex Resource Corporation would also need to spend a minimum of $250,000 on the Arlington property. Last but not least, the company would also need to issue Origen shares valued at $200,000 within a 7-day period of the award of regulatory approval. Additionally, by the first anniversary of the award of the regulatory approval of the deal, Nickelex Resource Corporation would have to issue $200000 worth of shares or 2 million shares to Origen, whichever would be higher in value at the time.
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