IMetal Resources Inc. signed memorandums of understanding with the Matachewan and Mattagami First Nations and the Teme-Augama Anishnabai community of the Temagami First Nation in northern Ontario to advance its Gowganda West gold-copper-cobalt project.
Under the terms, iMetal and the First Nations communities agreed to terms that underline each party's mutual respect for the land and a responsible approach to exploring the traditional territory.
The MOUs also outline terms on environmental protection, employment, training and business opportunities, and the mitigation of impacts on the traditional pursuits of the local communities in the area.
The company said June 8 that it will issue a total of 400,000 shares and 50,000 options at 8.5 Canadian cents apiece, subject to TSX Venture Exchange approval.
"These agreements are a win-win situation as they recognize the interests of the First Nations and create opportunities and potential economic benefits for both the First Nation communities and iMetal shareholders," iMetal President and CEO Johan Grandin said.
These signings remain in effect until the parties enter into an impact benefit agreement.
