On March 9, 2021, Aston Bay Holdings Ltd. entered into an option agreement with American West Metals Limited (“AWML”) and Tornado Metals Ltd. (“American West”), a wholly-owned subsidiary of AWML, pursuant to which American West has an option to earn an 80% interest in Aston Bay’s Storm Project by spending a minimum of $10 million on qualifying exploration expenditures over a period of up to nine years. American West will make a cash payment of $500,000 to Aston Bay on closing of the option agreement. In order to exercise the option, American West must incur not less than $2 million in expenditures during the first two consecutive field seasons and not less than $8 million in expenditures during the seven consecutive field seasons after satisfaction of the first commitment.
The Storm Project consists of 117 mining claims and 6 prospecting permits in Nunavut, Canada.
Cassels acted for Aston Bay.