NioBay Metals Inc., a company focused on exploration, development and use of critical green metals with an Environmentally, Sustainable, Governance, and Indigenous (ESGI) focus, is pleased to announce the final signature of the sale of properties. Previously NioBay signed a letter of understanding (press release October 20th 2021) for the sale to SOQUEM of the rights and interests of NioBay in the Lac Shortt, L’Espérance, Le Tac and Clairy properties (ie. an undivided interest of approximately 48 %) for a total cash purchase price of $ 950,000.
Niobay will retain a 2% NSR royalty on the Clairy property, half of which (1% NSR) will be redeemable at any time by SOQUEM in return of a payment to NioBay of $ 1,000,000 in cash. In addition, Niobay will have the right to repurchase a 50% interest in any project containing a 43-101 mineral resource that has been identified and confirmed by a 43-101 technical report in return for a cash payment equal to the total of 200% of exploration expenses and 100% of the amount paid by SOQUEM for the property concerned.
Courtesy of Niobay Metals.