On December 16, 2022, S2 Minerals Inc. became party to an option agreement with an arm’s-length third party pursuant to which S2 has an option to acquire nine mining claims in Ontario.
The option agreement provides for cash payments of $100,000, $150,000, $200,000 and $500,000, respectively, and the issuance of 50,000 common shares on each of the first, second, third, and fourth anniversaries, in addition to granting 2% net smelter returns royalty. S2 made the first anniversary payment to the arm’s-length third party on December 16, 2022 which included the issuing of 50,000 common shares.
The option agreement was entered into as of December 17, 2021 and it was assigned to S2 as of December 16, 2022.
Cassels acted for S2.