Glencore signs C$6.7M farm-out agreement with Odin Metals for Sturgeon Lake properties
6.70 Million CAD
On February 4, 2019, Glencore Canada Corp. ("Glencore") signed a farm-out agreement with Odin Metals pursuant to which Odin would acquire a 50% stake in Glencore's Sturgeon Lake base metal properties in Ontario. Under the agreement, Odin must spend a minimum of C$6.7 million on exploration of the properties over three years upon which they may enter a joint venture with Glencore. Odin has also offered Glencore the option to acquire a 50% stake in its own properties, as well as offtake rights over the properties and warrants to acquire up to 19.99% of the ordinary shares of Odin on the Australian Stock Exchange.
Located north of the Trans-Canada highway, the Sturgeon Lake properties are prospective for copper, zinc, silver and lead. The transaction will increase Odin's exposure in the district to more than 200 square kilometres.
Glencore focuses on exploration, development, mining, processing, and marketing of metals and minerals worldwide. Headquartered in Toronto, its primary products include copper, nickel, zinc, and aluminum.
Based in West Perth, Odin focuses on mineral exploration in Australia.
McCarthy Tétrault LLP is advising Glencore with a team led by Daniel Bornstein that includes Scott Bergen.