Pinestar options 11 Australia Graphite Properties for $150K, $3.5M shares, 2% NSR, $100K exploration
Pinestar Gold Inc TSXV:PNS announced an option with Zimtu Capital Corp TSXV:ZC and one of its prospecting partners to earn a 100% interest in a portfolio of Australia graphite projects. The combined package comprises 11 tenements totaling 533 square kilometres in four states. Three tenements comprise the Munglinup Project in Western Australia, one comprises the Eyre Point Project in South Australia, five cover historic showings in New South Wales, one covers the Furniss East Project in Western Australia and one covers the Emu Plain Project in Queensland.
Under the agreement Pinestar will pay Zimtu and its prospecting partner each $12,500 on signing, $25,000 and 500,000 common shares on acceptance by the TSXV, $37,500 and 500,000 shares 12 months after TSXV acceptance, 375,000 shares 18 months after TSXV acceptance and 375,000 shares 24 months after TSXV acceptance. The vendors will collectively retain a 2% NSR, 1% of which can be purchased by Pinestar for $1 million. Pinestar will complete a minimum of $100,000 of exploration within 6 months of TSXV acceptance.
Pinestar Gold Inc
Zimtu Capital Corp
Disclaimer: Zimtu Capital Corp is a client of OnPage Media and the principals of OnPage Media may hold shares in Zimtu.
by Greg Klein