Magna Terra Extends Great Northern Option to 2028, Raises Total to $10.075M
Magna Terra extended the Great Northern Project option by two years, adding $575,000 in cash and share proceeds to bring total to $10.075 million. The amended schedule imposes a $1.25 million payment on amendment signing, with $1.0 million at the third anniversary and $500,000 at the fourth anniversary.
1. Option Agreement Amendment
Under the amended agreement, Magna Terra extended the option period for the Great Northern Project by two years, securing an extra $575,000 in cash and share payments and increasing total potential proceeds to $10.075 million.
2. Revised Payment Schedule
The original payments of $75,000 on signing, $300,000 on signing anniversary and $450,000 at the first anniversary remain, while the amendment adds a $1.25 million payment on signing of the amendment, plus $1.0 million at the third anniversary and $500,000 at the fourth anniversary.
3. Payment Flexibility
Gold Hunter may elect to satisfy the $1.0 million third-anniversary and $500,000 fourth-anniversary share-value obligations in cash, shares or a combination, preserving funding flexibility for the Great Northern Project.