IMO, they will together choose $700,000 option payment to retain over 50% control ownership over the Koper Lake Project. One probable issue would be delivering the positive "Feasibility Study" as well. We'll wait and see...
http://agoracom.com/ir/Fancamp/forums/discussion/topics/617437-lamelee-insider-7-11-14/messages/1934772#message
NEWS RELEASE
January 14, 2013 TSX Trading Symbol: FNC S.E.C. Exemption: 12(g)3-2(b)
Fancamp options remaining 40% interest in Koper Lake Project from the emerging Ring of Fire multi-mineral district to Bold Ventures
Fancamp Exploration Ltd. (“Fancamp” or the “Company”) is pleased to report the signing of an agreement (the “Amended Agreement”) with Bold Ventures Inc. (“Bold”), as announced by Bold on January 7, 2013. The Amendment Agreement extends the terms of the original Earn-In Option Agreement as announced in the Company's press release of May 7, 2012 giving Bold two options permitting Bold to earn up to a 100% working interest in the Koper Lake Project (the “Project”). The additional two options apply for a period of 90 days following the date Bold earns its 60% interest.
Under the original Earn-In Option Agreement announced May 7, 2012, Bold can earn its initial 50% interest in the Project by making option payments totalling $1,500,000 and expending $8,000,000 on exploration of the Property over 3 years after which a 50/50 joint venture would be formed between Bold and Fancamp. Bold has already made the first $300,000 option payment. Bold can then earn a further 10% interest by making a further $700,000 option payment and delivering a positive feasibility study. The remaining option payments can be made in cash or common shares of Bold at Bold's option.
In the first additional option, Bold can earn a further 20% interest in the Property by paying Fancamp $15,000,000 payable in equal installments over 3 years with half of the amount payable in cash and the balance payable, at Bold's option, through the issuance of common shares of Bold at the market price at the time the shares are issued. At that point, Fancamp would retain a 20% carried interest in the Koper Lake Project.
