Looks like MMU owes WEL $100,000 in cash and/ or stock this Month.
Wonder what work was completed in the first year?
The terms of the Marum/Wildcat Poundmaker Option Agreement provide Marum with the right to earn up to 100% interest in a portion of Wildcat's existing Poundmaker property. The property under option (the “Property”) comprises 72 contiguous claims covering 12,176 hectares of Wildcat's Poundmaker property. Under the terms of the agreement, Marum receives the option to acquire up to 100% interest in the Property for consideration consisting of cash or, at the option of Wildcat, cash plus common shares of Marum. $25,000 cash is due to Wildcat upon execution of the Agreement and 500,000 common shares of Marum will be issued to Wildcat within 30 days of execution (at a deemed price of $0.195 per Marum share, being the closing price on February 1, 2008). Wildcat will annually elect to receive either $100,000 cash payment or $50,000 cash plus up to 2 million common shares of Marum having an aggregate market value of $100,000 for each year of the five year term of the agreement. In addition, Marum agrees to incur exploration expenditures of $5 million during the term of the agreement.
The agreement provides that after $4 million has been spent by Marum on exploration, Wildcat has the option to retain up to a 35% participating interest or to hold a 2% net smelter royalty in the Property.
The Marum/Wildcat option agreement (the “Agreement”) dated February 1, 2008 is conditional upon obtaining all regulatory approvals required, including the approval of the TSX Venture Exchange and applicable regulatory bodies.
For further information, Marum's public filings may be reviewed on the SEDAR website (www.sedar.com).
