Pistol Bay $PST has amended their agreement with Rio Tinto Exploration Canada with regard to the C4, 5 and 6 Uranium properties, whereby Rio Tinto will make an initial cash payment of $750,000 to Pistol Bay.
Under the amending agreement, Rio Tinto will acquire an additional 25% interest in the Property (thereby increasing its aggregate interest to 100%), by:
a) paying Pistol Bay $750,000 on or before April 17, 2017; and b) paying Pistol Bay one of the following payments:
i) $1,500,000 on or before 31 December 2017; ii) $2,000,000 on or before 31 December 2018; or iii) $2,250,000 on or before 31 December 2019.
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