Tiller Resources Ltd. entered into an option agreement with four arm's length parties to acquire a 100% interest in the Lekcin property license, a 4,160-hectare copper-nickel prospect in British Columbia.
Under the terms, the company is required to pay C$300,000, issue 500,000 common shares, as well as incur C$1.1 million in exploration by Dec. 31, 2021.
The property is also subject to a 2% net smelter return royalty, according to a Jan. 31 release.
In addition, beginning Dec. 31, 2021, and annually thereafter, the company will make annual advanced minimum royalty payments of C$25,000, increasing to C$50,000 annually from Dec. 31, 2023, and annually thereafter.
These payments are deductible from any future NSR payments.