The deal terms provide Windfall Geotek with a 10% stake in the property, 1% NSR with the right to buy 1% in the future for $500k, pre-IPO/RTO priced shares, cash payments and a 20% interest in issued & outstanding common shares when the company goes public.
Dinesh Kandanchatha, Chairman of Windfall Geotek commented: “We are excited to partner with the team at Grand Pacific Resources.
The Company’s objective is to develop a new royalty stream by significantly enhancing and participating in the exploration success rate of mining and to continue the Land Mine detection application as a high priority.
These forward-looking statements are made as of the date hereof and, except as required under applicable securities legislation, the Company does not assume any obligation to update or revise them to reflect new events or circumstances.