Prime Meridian Resources (TSXV: PMR) this morning continued its expansion within the Red Lake region of Ontario. The firm has acquired additional claims in the region, which are said to be contiguous to current property held by the company in the region.
The latest acquisition consists of a total of 282 mineral claims, which covers a total of 5,830 hectares. The additional claims are contiguous with the firms Camping Lake Project, located in the Dixie Lake area of Red Lake. The additional claims effectively grow the Camping Lake property to a total 8,380 hectares as per a map provided by the firm.
The additional claims have been acquired via a simple agreement, with the sale price consisting of a $15,000 cash payment upon the acceptance of the arrangement by the TSX Venture Exchange, and a total issuance of 1,000,000 common shares of the company in two tranches. The first tranche is to be made at the time of the cash payment, while the second tranche, equal in size, is to be made by the one year anniversary of the transaction.
No royalties exist on the claims, which is notably uncommon in the junior resource space as of late.
Prime Meridian Resources last traded at $0.12 on the TSX Venture.
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