Greater China Capital Inc. (GCA_P.V) announced that it has entered into a definitive agreement with Northern Skye Resources Ltd., Trueclaim Exploration Inc. and Frank P. Tagliamonte in respect of a proposed Qualifying.
On completion of the Transaction and pursuant to the Agreement, Northern Skye will assign Greater China: (i) an option to earn up to an undivided 50% interest in mineral claims located in the province of Quebec, known as the Hebecourt Project, which are currently subject to an option agreement dated July 18, 2011 in favour of Northern Skye from the registered holder of the claims, Tagliamonte and (ii) a 50% working interest in mineral claims held by Northern Skye that are contiguous to the Tagliamonte Option, subject only to a net smelter return royalty of 2.5% in favour of Northern Skye.
As per the terms of the deal, Greater China must pay to Tagliamonte the aggregate sum of $300,000 in cash over a period of four years; incur cumulative expenditures of not less than $2.50 million on or in respect of the Property over a period of five years; and issue to Tagliamonte the aggregate of 185,000 common shares of Greater China over a four year period.
Upon completion of the Transaction, but prior to completion of the Financing Greater China will have 9.15 million common shares issued and outstanding, and Tagliamonte will hold an aggregate of 185,000 common shares of Greater China representing 2% of Greater China's issued and outstanding shares on a non-diluted basis.
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by RTT Staff Writer
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