Cavan Ventures (TSXV:CVN) announced that they have acquired options for four rare earth claims, located in Quebec.
As quoted in the press release:
The four mining properties were acquired from three well-renowned prospectors. CAVAN can earn a 70% interest in the four mining properties by issuing the optionors a total of 1,500,000 shares over a period of two years and making two cash payments totalling $35,000 of which $15,000 is payable upon signing. The Company must spend a minimum of $60,000.00 during the first year of the agreement. Claims are subject to a 2% net smelter return of which the Company may buy back 1% for the sum of $1,500,000 and has the first right of refusal to purchase the balance of the royalty as well as the remaining 30% interest. The acquisition of the claims is subject to acceptance by the TSX Venture Exchange.