WestKam Gold Corp. (TSXV:WKG) announced that it will acquire an additional 17 percent interest on its existing 7 claims on the Bonaparte Gold property, which will raise their ownership position to 92 percent.
As quoted in the press release:
Under the terms of the Option Agreement, WestKam has the option to acquire its additional 17% interest by making a $150,000 cash payment to the Optionor on or prior to the first anniversary of the Closing Date, and to issue to the Optionor the following:
- 2,000,000 common shares on or prior to the Closing Date;
- 2,500,000 common shares on or prior to the first anniversary of the Closing Date; and
- 3,000,000 common shares on or prior to the second anniversary of the Closing Date.