Slam Exploration (TSE:SXL) has released an update.
SLAM Exploration Ltd. has received the first payment from Nine Mile Metals Ltd. for the option agreement to acquire the Wedge project, a former copper producer in New Brunswick. The payment includes over half a million shares and warrants, with more shares and cash payments to follow over three years, as Nine Mile Metals continues its drilling program at the site. SLAM also retains a 2% Net Smelter Return royalty on future mineral production, which NINE can buy half of for $1 million.
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