Far ResourcesLtd. said April 28 that it entered into an option agreement toacquire the Zoro I lithium-prospective claim located in the Snow Lake area ofManitoba.
The company has entered into an agreement with Top NotchMarketing Ltd., R Ross Blusson and Double-U-Em Investments Ltd. to acquire theinterest by paying each of the optionors C$16,666.66 in cash and issuing333,333 common shares.
Far Resources is required to provide a further C$300,000 tothe optionors on the first anniversary of the agreement, and an additionalC$600,000 on the second anniversary.
The company will also finance up to 10 million units at aprice of 5 cents per unit to raise an aggregate total of up to C$500,000.
In addition, Derek Huston resigned as a director of thecompany.