Aston Bay Holdings Ltd.’s Option Agreement with American West Metals Limited

Cassels acted for Aston Bay on the deal.

On March 9, 2021, Aston Bay Holdings Ltd. entered into an option agreement with American West Metals Limited and Tornado Metals Ltd., 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.

Aston Bay Holdings Ltd. is an exploration-stage company. The Company is a mineral exploration and development company involved in the acquisition and exploration of resource properties located in North America.

The Cassels team included Ann Watterworth (Picture) and Lindsay Clements (Securities and Mining).

 

Involved fees earner: Lindsay Clements – Cassels Brock & Blackwell LLP; Ann Watterworth – Cassels Brock & Blackwell LLP;

Law Firms: Cassels Brock & Blackwell LLP;

Clients: Aston Bay Holdings Ltd. ;

Author: Martina Bellini