Zephyr Minerals, Slam Exploration Finalize Earn-In Agreement for Keezhik Claims
Capital pool company Zephyr Minerals Ltd. (ZFR-P.V) is steady at 37 cents per share after signing a definitive agreement with Slam Exploration Ltd (SXL.V), giving Zephyr the right to earn up to a 70% interest in the Keezhik Claims in the Pickle Lake region, Ontario, Canada and finalizing a deal first announced in June. Slam shares are up half a penny at 8.5 cents a share.
Terms of the deal call for Zephyr gaining a 50% interest by making cash payments totaling $104,500, issuing 594,000 common shares, and completing work programs on the Keezhik Claims with a total value of a minimum of $650,000 over a three-year period. It can earn an additional 20% stake with $121,000 in cash payments, issuing 880,000 common shares and completing work programs with a total value of a minimum of $900,000 over the next two years.
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