Azimut cuts Centerra’s exploration spending requirement for Corvet, Kaanaayaa to $15.75 million
CGAU•Azimut Exploration amended its option agreement with Centerra for the Corvet and Kaanaayaa properties in Quebec, reducing required exploration spending for Centerra to earn up to 70% to $15.75 million from $16 million.
1. Spending requirements reduced
The amendment lowers Year 6 minimum exploration spending to $1.25 million from $1.5 million and second-option minimum spending to $9.75 million from $10 million. Cash payments remain unchanged at up to $850,000, all other material terms remain unchanged, and the transaction remains subject to TSX Venture Exchange acceptance.
