Benton Resources Inc. said March 3 that it signed a binding letter of intent with Matador Capital Pty. Ltd. for the latter to secure an option to acquire the Providence copper-nickel-platinum group metals project in Canada's Northwest Territories.
Under the deal, Matador will pay A$10,000 to secure the option and a 30-day exclusivity period to negotiate the terms of a definitive agreement. It has the option to extend the negotiation period by five months by paying A$90,000 within 30 days of signing the LOI. It may further extend by two months by paying A$100,000.
Should it proceed with the option, Matador may pay A$200,000 in cash or shares to Benton during the exclusivity period. To acquire the entire stake, Matador must pay A$1 million in cash or shares or as exploration expenditure within 36 months.
Benton also purchased a 100% stake in the Goodchild copper-nickel-PGM project in Ontario from Alset Minerals Corp. for C$30,000. The property comprises eight unpatented mining claims.
