Makenita Resources Acquires 45,967-Acre Hydrogen Project in Nova Scotia
News related to:Makenita Resources Inc · 1 min read
Makenita Resources Inc. has entered into an option agreement to acquire the district-sized, 45,967-acre Cobequid-Chedabucto Hydrogen Project in Nova Scotia. The project consists of 1,149 claim units directly bordering Koloma and Quebec Innovative Materials Corp. (QIMC), both active players in the region's hydrogen exploration.
This acquisition adds to Makenita's growing multi-commodity portfolio, which now includes the 102,110-acre Serpentinization Iron-Magnetite Project in Saskatchewan, bordering Max Power Mining Corp., and the 22,665-acre Sisson West Tungsten Project in New Brunswick, bordering Northcliff Resources Ltd. The company also holds the ~9,000-acre NTX Rare Earth Project in Quebec, prospective for rare earths, and the 5,542-acre Hector Project in the vicinity of Cobalt, Ontario, prospective for cobalt, silver, and diamonds.
Under the terms of the option agreement, Makenita must pay $11,490, issue 3,000,000 common shares in the capital of the company, and issue 2,250,000 transferable share purchase warrants exercisable at a price of $0.30 per share for a period of three years from the issuance date to the vendor, within seven business days of signing the agreement. Additionally, the company must issue 500,000 common shares and 375,000 transferable share purchase warrants exercisable at a price of $0.30 per share for a period of three years from the issuance date to the vendor within four months of signing the agreement. Another 500,000 common shares and 375,000 transferable share purchase warrants will be issued within eight months of signing the agreement.
Makenita must also complete a minimum of $150,000 in work expenditures within the first year of signing the agreement. The option agreement is subject to all regulatory approvals.
Makenita Resources Inc. (CSE: KENY) (OTCID: KENYF) (WKN: A40X6P) wishes to announce that it has entered into an option agreement to acquire the district-sized 45,967-acre Cobequid-Chedabucto Hydrogen Project in Nova Scotia. The project consists of 1,149 claim units directly bordering Koloma and QIMC, both active players in the region's hydrogen exploration.