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Unity Energy to acquire gold project in Quebec

Unity Energy Corp. said March 31 that it entered into an agreement with an arms-length vendor to acquire the Espior gold project in Val-d'Or, Quebec.

Under the terms, the company will pay C$10,000 in cash and issue 700,000 common shares, subject to approval from the TSX Venture Exchange.

Unity Energy will also pay an aggregate C$150,000 and incur exploration expenditure of about C$500,000 within a three-year period. The vendor will retain a 2% net smelter royalty, half of which can be bought back by the company for C$1 million.

Additionally, the company reduced its holdings in the Athabasca Basin.