Canada Victory Battery Metals has offloaded its Tahlo Lake property in British Columbia (BC) to Trimera Metals, a private company based in Vancouver.
As per the agreement, Victory sold a 100% interest in the property for a cash consideration of C$90,000 ($65,920).
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Additionally, Victory secured a 2% GMR on future production.
The GMR can be halved from 2% to 1% at any time, provided the royalty payor, or its permitted assign, pays Victory an additional $1m.
The deal also grants the royalty payor a first right of refusal.
This means that Trimera Metals has the option to purchase any remaining GMR owned by Victory or its successors or assignees.
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By GlobalDataEarlier this month, Victory signed an option agreement to acquire a 100% interest in four claim groupings in the Sept Iles region of Quebec.
These claims, which cover the Kachiwiss Uranium deposit, were optioned from Globex Mining Enterprises.
Victory director and CEO Mark Ireton said: “The recent announcement of our option agreement to acquire 100% interest in the Kachiwiss Uranium Project in Quebec is indicative of renewed strategic focus for the company.
“The Kachiwiss Uranium deposit has significant historical reports, defining a zone of interest that represents the best application of our resources, with the aim to return benefits to Victory shareholders in the shorter term. Selling Tahlo Lake at this time serves our renewed strategic focus.”
