VAL-D’OR, Québec, May 31, 2021 (GLOBE NEWSWIRE) -- Cartier Resources Inc. (TSX-V: ECR) (“Cartier” or the “Company”) announces the execution of an option agreement (the “Agreement”) with Delta Resources Limited (“Delta”) to option 100% of its interests in its Dollier property located 30 km south of the Municipality of Chibougamau. On May 28, 2021, the TSX Venture Exchange has accepted the documentation pertaining to the Agreement and has issued to Delta a final bulletin.
During the four-year option period, Delta shall have the sole and exclusive right and option to earn a 100% interest (the “Option”) by issuing in favour of Cartier of an aggregate of 600,000 common shares of Delta and incurring not less than $1,000,000 in exploration expenditures on the Dollier property. Further to the issuance of the final bulletin of the TSX Venture Exchange Cartier will receive an amount of $10,000 in cash and 100,000 common shares of Delta. All shares issued to Cartier under the Agreement will be subject to a statutory four (4) month hold period.
Upon the exercise of the Option, Cartier will be granted a 2% NSR production royalty on the Dollier property, half of which (1% NSR) will be redeemable for $ 2,000,000 and the other half (1% NSR) will be redeemable for $ 15,000,000.
Certain statements contained in this press release constitute forward-looking information under the provisions of Canadian securities laws including statements about the Company’s plans. Such statements are necessarily based upon a number of beliefs, assumptions, and opinions of management on the date the statements are made and are subject to numerous risks and uncertainties that could cause actual results and future events to differ materially from those anticipated or projected. The Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors should change, except as required by law.
|For more information, please contact:|
Philippe Cloutier, P.Geo.
President and CEO
Telephone: 819 856-0512
Neither the TSX Venture Exchange nor its regulatory services provider accepts responsibility for the adequacy or accuracy of this press release.