In order to acquire an initial 51% undivided interest in the property, Inform will issue to Pitchblack an aggregate of 1.2 million common shares of Inform and incur $5m in qualified exploration expenditures on the property.
Inform may earn a further undivided 24% interest in and to the property by issuing to Pitchblack one million common shares of Inform and completing a preliminary economic assessment on the property by the fifth anniversary date on which the parties execute the definitive option agreement.
The option remains subject to completion of due diligence and the execution of a definitive agreement, as well as receipt of all regulatory approvals.
Pitchblack has uranium, coal and gold assets in the Yukon Territory of Canada.
