-- A.I.S. Resources (AIS.V) secured an option to acquire the Pocologan copper-gold-silver project in New Brunswick, the company said Monday.
Under the terms, A.I.S must pay C$30,000 cash upon signing and issue $30,000 worth of shares within five business days following acceptance from the TSX Venture Exchange.
The company must also pay $30,000 cash and issue $30,000 worth of shares over four years. The share consideration can be settled using cash and the price of the common shares to be issued will be volume weighted average price and shall not be less than $0.09.
The optionor will retain a 2% net smelter royalty (NSR), and A.I.S. has the right of first refusal to purchase 50% of the NSR for $1 million cash.
A.I.S' planned work on the project includes data verification, mapping, prospecting, geochemical sampling, airborne and ground geophysics, target modelling, and potential first-pass drilling.
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