ENP Newswire -
Release date- 06062014 -
In particular, the amended Agreement reduces the initial cash payments and grant a royalty to SVB during the term of the Agreement. The Property is currently registered under the Land Titles Act (
Under the terms of the Agreement, Nomad will be able to acquire a 100% interest in the St. Vincent Bay Property by making aggregate cash payments of
issuing 500,000 common shares by the first anniversary of the Agreement;
issuing 1,000,000 common shares by the second anniversary of the Agreement;
issuing 1,000,000 common shares by the third anniversary of the Agreement;
Nomad will be responsible for monthly mortgage payments and foreshore lease and waste payments during the term of the Agreement.
Following an end of mine life of the Property, SVB will have the right to repurchase the Property from Nomad for
In addition, Nomad entered into a finder's fee agreement (the 'Finder's Agreement') whereby Nomad agreed to issue 500,000 common shares to a finder in exchange for his assistance in entering into the Agreement.
About the St. Vincent Bay Property
The St. Vincent Bay Property is a permitted landfill site that is ideally located on the Jervis Inlet in the
Current aggregate producers in the area include
The Geological Survey Branch of the
Two samples of unsorted surficial material, apparently consisting of naturally degraded bedrock, were taken at depths of approximately 6 metres from backhoe trenches, 80 metres apart. The samples, which are not necessarily representative of the whole property or any part of it, were subjected to particle-size analysis by
The particle size distribution appears to indicate the possibility of a natural aggregate deposit, potentially suitable for construction purposes.
The property was previously operated as a logging and log sort facility and most of the required heavy machinery and equipment is located on the property including excavators, loaders and hauling equipment. An 80 tonne ramp suitable for loading aggregate onto barges is on site.
Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management's current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. Nomad cautions that all forward looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond Nomad's control.
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