Spruce Ridge Resources Ltd. Secures Agreement with Benton Resources Inc. for Newfoundland Property
September 29, 2023
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.
