Grid Metals Corp. has received conditional approval from the TSX Venture Exchange for its joint venture with Avenir Minerals Limited, a wholly-owned subsidiary of Agnico Eagle Mines Limited, on the Falcon West Cesium Property in southeastern Manitoba. Under the agreement, Avenir has acquired an initial 15% interest in the property for C$3,750,000 in cash and will fund its pro rata share of costs, while Grid retains an 85% interest and will operate the joint venture. Avenir also holds an option to subscribe for up to 19.99% of Grid's common shares following a compliant mineral resource estimate, and currently owns approximately 9.9% of Grid's shares from a prior private placement. Additionally, Avenir may acquire another 15% interest in the property, bringing its total to 30%, upon completion of a preliminary economic assessment or adoption of a mine plan.
Agnico Eagle Mines LimitedAgnico's subsidiary acquires 15% interest in cesium property, expanding its portfolio.
Grid receives TSX approval for JV, securing funding and retaining 85% interest.