Teako Minerals announced the amendment of its option agreement with Capella Minerals regarding the acquisition of the Vaddas and Birtavaare licenses in northern Norway. Teako previously acquired a 50% stake in the project for the issuance of 1,000,000 shares to Capella. According to the old agreement, the remaining 50% interest could have been acquired by expending 100,000 CAD into the project within the first year and issuing an additional 250,000 shares on the first and second option agreement anniversaries. Following the amended agreement, Teako can now acquire the remaining 50% by a one-time payment of 315,000 NOK to Capella.
“Vaddas Exploration Claims” (Source: www.teakominerals.com)
