Value: C$1.3 million
On May 2, 2016, Sulliden Mining Capital Inc. (Sulliden) entered into an option arrangement with First Quantum Minerals Ltd. to acquire the past-producing Troilus Mine, located in the Abitibi mining region of Quebec, Canada. As a result of the arrangements, Sulliden will hold a two-year option to purchase a 100% interest in the Troilus Mine. To exercise the option under the option agreement, a minimum of C$1,000,000 must be spent on engineering and technical studies to evaluate the economic viability of the project. Upon signing, an initial cash payment of C$100,000 was made to First Quantum. In order to exercise the option and acquire the Troilus Mine, an additional cash payment of C$100,000 will be made to First Quantum on the first anniversary of the option agreement, and a final cash payment of C$100,000 will be made on the date of exercise of the option.