On June 18, 2020, VR Resources Ltd. (TSXV: VRR) (FSE: 5VR) (OTCBB: VRRCF) ("VR") announced that it had successfully closed the recently announced Acquisition Agreement for the Hecla-Kilmer property ("HK") in northern Ontario and planned to commence exploration on the property immediately.
The broad terms of the acquisition include:
- Agreement to acquire a 100% interest in the HK property from private vendors;
- An initial payment of $15,000 and the issuance of 75,000 common shares in the capital of VR to the vendors;
- An additional payment of $50,000 and issuance of 100,000 common shares in the capital of VR to the vendors upon commencement by VR of a diamond drill program on the property within 24 months;
- The vendors granted a Net Smelter Returns royalty of 3%.
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