Active GrowthCapital Inc. said April 28 that it has entered into an explorationand option to joint venture agreement with St-Georges Platinum & Base Metals Ltd. and two prospectorsfor past-producing muscovite mines in Quebec.
Active Growth will have an option to earn an undivided 50%interest in the Muscov project by issuing 1.5 million common shares andgranting a 2% production royalty interest.
In addition, Active Growth can increase its interest to anadditional 25% by incurring C$200,000 in exploration expenditures over atwo-year period. Once Active Growth exercises its option, it has the option toestablish a 50/50 or 75/25 joint venture with St-Georges.
The Muscov project consists of 95 mineral claims over fourblocks of mapped pegmatites, divided into four blocks which are close toinfrastructure and have easy access.
Jointly with St-Georges, Active Growth has also acquired 22prospective claims in northern Quebec by staking in two separated blocks.
Under the option agreement, Active Growth has the option toincrease its interest in these claims by acquiring 25% from St-Georges byincurring the expenditures.
ACK aims to raise gross proceeds of at most C$350,000 byissuing a minimum of 3 million units and a maximum of 7 million units at 5cents per unit. Each unit will consist of 1 common share and 1 common sharepurchase warrant, the warrant allowing a holder to acquire 1 share for 10 centswithin a 24-month period.
Proceeds from the placement will be put toward explorationand general working capital.
A finder's fee of 150,000 shares will be payable to9248-7792 Quebec Inc., in connection with the option agreement.