Signature Resources Ltd. said May 15 that it entered a binding deal to acquire the Lingside property in Ontario.
The property consists of 14 patented mineral rights claims over around 275.5 hectares, located immediately west of the historic Lingman Lake gold mine.
Under the terms, the company is required to pay C$600,000, payable by the issuance of 5 million shares at a deemed price of 12 cents apiece.
The vendor will retain a 3% net smelter returns royalty over the production of minerals from the property, while Signature can repurchase half of the net smelter returns royalty for C$1.5 million.
