Vantex Options its Guillet and Ortona Properties
17 January 2012 - 7:15AM
Marketwired Canada
The management of Vantex Resources Ltd. ("Vantex") (TSX
VENTURE:VAX)(FRANKFURT:UD7A)(ALPHA:VAX) announces the signing of an option
agreement on its Guillet and Ortona properties located in the Belleterre
township, in Abitibi.
Aurtois Exploration Inc. ("Aurtois") (TSX VENTURE:EXA) will have the option to
acquire 100 % of the Guillet and Ortona properties by fulfilling the following
conditions :
Aurtois can acquire a 75 % interest in exchange for :
-- A sum of $120,000 payable to Vantex in monthly payments of $10,000,
starting at the signing of the agreement;
-- The issuance of 4,500,000 common shares of Aurtois for the benefit of
Vantex;
-- The delivery of a prefeasibility study on either one of the properties,
presented within 5 years from the date of signing of the agreement.
Aurtois can acquire the remaining 25 % interest in exchange for :
-- A sum of $2,000,000 payable to Vantex and a 1 % NSR royalty on the
Guillet property as well as a 1 % NSR on the Ortona property for the
benefit of Vantex. The previous owners will receive a 3 % NSR royalty on
the Guillet property and a 1 % NSR on the Ortona property. The Vantex
NSR can be bought back for $2,000,000 on each of the two properties.
Aurtois can acquire this remaining 25 % interest within a period of 5
years;
This transaction is subject to the approval of the regulatory authorities. This
agreement in principle will be finalized by a legal contract to be signed before
mid-February.
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