Grid Metals Wins Conditional TSXV Approval for Avenir Minerals Joint Venture
Grid Metals (GRDM.V) after trade Friday said it received conditional TSX Venture Exchange approval for its venture with Agnico Eagle Mines' Avenir Minerals unit to develop the Falcon West Cesium Property in southeastern Manitoba.Through the agreement, Avenir acquired an initial 15% interest in the property for C$3.75 million in cash and will fund its share of future costs. Grid retains an 85% stake and will remain the operator of the joint venture, the company said.Avenir also has the option to increase its ownership in Grid up to 19.99% after a mineral resource estimate is published. In addition, it can raise its interest in the Falcon West project to 30% if a preliminary economic assessment is completed or a mine plan is adopted, according to the statement.
