Probe Metals Inc. said Sept. 26 that it inked a memorandum of understanding with Mattagami and Flying Post First Nations in regard to the company's early-stage West Porcupine gold project in Ontario.

The company noted that the MOU envisages cooperation between the parties and signals a commitment from Probe to engage in ongoing consultation with the two First Nations in the area of the project.

The agreement also commits business, employment and training opportunities for the citizens of the First Nations communities.

Under the terms, Probe will issue 25,000 common shares and 50,000 options to each of the two First Nations communities. Each option will be exercisable at C$1.76 per share for a five-year period, subject to vesting requirements.