The Adams project includes one coal license application covering 8,315 hectares, while the White Rabbit project spanning over an area of 12,561 hectares contains 7 coal licenses.
Under the terms of the agreement, Atrum is to pay CAD50,000 to obtain a 60 day option, following which it will have to pay additional CAD200,000 cash, besides issuing 450,000 fully paid ordinary Atrum shares.
It will have to pay further CAD150,000 cash towards historical rental expenditure reimbursement.
Atrum chairperson James Chisholm stated that the company is aiming to become a strategic metallurgical coal producer.
"The acquisition of Adams and White Rabbit fits within our strategy to deliver a range of high-value metallurgical coals to the domestic and world markets," noted Chisholm.
As per the terms, Atrum will also pay the vendor a fixed royalty of $0.80 per ton on coal produced from the two tenements within 24 months of opting for the acquisition.
Also, the company will conduct an exploration program that includes drilling of atleast five holes at each tenement, after it secures license.
Meanwhile, Atrum is set to commence 2013 drilling program at its flagship 1.57 billion tonnes Groundhog anthracite project in early June 2013.
