Ashburton Ventures Inc. said Jan. 30 that it ?signed a deal to acquire a 100% interest in the Z-1 zeolite quarry/mine in British Columbia from ZMM Canada Minerals Corp.
Under the terms, Ashburton is required to issue 2 million common shares to ZMM upon TSX approval and a further 2 million shares a year after signing.
The company will also be required to make cash payments totaling C$20,000 and incur C$500,000 in expenditures over a 12-month period.
Additionally, ZMM President and CEO LuVerne Hogg will join Ashburton to lead the reactivation of site operations.
LuVerne is an industry recognized expert in zeolites worldwide and has specialized in and researched zeolite minerals, products and their applications for over 25 years in 16 countries.
Meanwhile, Ashburton is undertaking a nonbrokered private placement of 10 million units at 10 cents apiece for aggregate gross proceeds of C$1.0 million.