Prospector Metals Corp. (TSX-V:PPP, OTCQX:ETHOF) announced that it has completed the final property payments required for 100% ownership of the Virgin Arm and Deep Cove claim blocks at the Toogood gold project located in Newfoundland, Canada.
The company also said that it has amended the terms of its previously announced Toogood Option Agreement with Storm Exploration.
Under the amended agreement, Storm Exploration can exercise the second option by paying the company $12 million in any combination of cash and shares to be determined by Storm Exploration.
This is subject to, on the exercise of the second option, Prospector not owning or controlling more than 9.9% of the then-issued shares of Storm Exploration and that no more than 25 million Storm Exploration shares have been issued to Prospector.
Prospector Metals, a member of Discovery Group, is focused on district scale, early-stage exploration of gold and base metal prospects.