Spruce Ridge Resources Ltd has confirmed its option agreement with Benton Resources Inc. as of September 20, 2023. Through this agreement, Benton has the option to earn up to a 70% stake in Spruce’s Great Burnt Copper/Gold Property.
Key Points of the Agreement:
- Benton can earn their 70% stake by:
- Paying Spruce $40,000 (already completed).
- Issuing Spruce 15 million Benton Shares, with varying trading restrictions.
- Investing $2.5 million in property exploration by August 15, 2026, with at least $1.0 million by August 15, 2024.
Upon Benton securing a 70% interest, both companies will jointly operate the property. Should either company’s interest drop below 10%, it would be converted to a 2% net smelter returns (NSR) royalty.
The finalized transaction awaits TSX Venture Exchange approval.
