Under the deal, Wallbridge will receive about 198.6 million common shares of Archer and will own 19.9% of the company. Archer will grant Wallbridge a 2% royalty on the Grasset property and Wallbridge will have the right to nominate two directors to Archer’s board.
The two companies will also enter into an agreement to explore the Grasset property. If the results from either Wallbridge or Archer’s exploration work establish a mineral resource that consists of primary gold mineralization, then the companies will form a joint venture with Walbridge having a 70% interest, otherwise, Archer will own 70% of the venture.
“Our core focus remains on…our 100%-owned Fenelon gold property, located on the highly prospective Detour-Fenelon Gold trend in Quebec, where we are currently in the midst of a major drilling campaign to expand the multi-million-ounce resource,” the company’s CEO Marz Kord in a press release.
“The…
