On October 4, 2022, Nuinsco Resources Limited announced that it had entered into an option agreement with First Class Metals PLC for Nuinsco’s Sunbeam gold project.
The option agreement provides that First Class Metals may acquire a 100% interest in the Sunbeam gold project by:
- Making aggregate cash payments to Nuinsco of $700,000 in three tranches;
- Expending $750,000 in exploration expenses within three years;
- Committing to certain other contingent payment obligations, including the granting of a 1% net smelter return royalty to Nuinsco.
Nuinsco Resources Limited is a mining company with over 50 years of exploration success in Canada and internationally, with two properties across Ontario, including the Sunbeam gold project near Atikokan and the large, multi-commodity Prairie Lake project near Terrace Bay, which produces rare-earths, niobium, tantalum, and phosphorus.
Nuinsco Resources Limited was represented in this deal by Rob Eberschlag, a Partner in the WeirFoulds Corporate & Commercial Law Practice Group and Securities Law Practice Group.
Rob can be reached by phone at 416 947-5076 or by email at reberschlag@weirfoulds.com.
To learn more about our Corporate & Commercial and Securities teams, please visit their respective overview pages.
