Otterburn Ventures Inc OTB announced an option agreement with Nortec Minerals Corp TSXV:NVT granting Otterburn the right to acquire up to an 80% interest in Nortec’s Läntinen Koillismaa Project, a palladium-platinum–gold–copper-nickel property in Finland.
Otterburn may earn an initial 49% interest by paying Nortec $4.5 million, issuing Nortec $2 million in shares and spending $5 million on the project. Otterburn may earn the additional 31% by paying Nortec $3 million, issuing Nortec $1 million in shares and spending $5 million. Additionally, Otterburn must issue Nortec 400,000 common shares. Otterburn will also issue 1.85 million common shares to a third party as a finder’s fee.
The 3,200-hectare property is 660 kilometres north of Helsinki and 65 kilometres south of the Arctic Circle. Infrastructure includes power, water and roads providing year-round access. Nortec has conducted over 10,000 metres of diamond core drilling on the property’s Kaukua Zone since 2007. Over 7,000 metres of historic drilling was performed on the Haukiaho Zone since the 1960s.
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Otterburn Ventures Inc
or Michael Rapsch
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by Greg Klein