King’s Bay Resources Corp (CVE:KBG) said it had amended the mineral property acquisition agreement of October, 2016 whereby it acquired 100% right, title and interest in and to 66mineral claims of a cobalt property located in Happy Valley, Goose Bay, Newfoundland and Labrador.
In consideration, the firm agreed to pay a sum of $100,000 in payments of $10,000 upon acceptance of the agreement, and $30,000 on each of the subsequent three anniversaries of the deal.
In addition, the Company agreed to issue 900,000 shares, 200,000 shares upon TSXVenture approval followed by 300,000 on the first anniversary and 400,000 on the second anniversary.
On September 19, this year King's Bay amended the deal such that it agreed to issue 600,000 shares instead of making a cash payment of $30,000, so that 1 million common shares are payable on the second anniversary of the agreement, in lieu of $30,000 cash and 400,000 shares.