Altius Minerals Corporation (TSX:ALS) announced an agreement with CIP Magnetite Ltd. at its Snelgrove Lake iron ore project in Canada.
As quoted in the press release:
A primary condition of the agreement is that CIP Magnetite Ltd. is obligated to vend the project into an ASX-listed public company (ASXco) of which it will issue Altius securities equal to 20% of the fully diluted shares of the company at the end of a $6.5 million multi-phase exploration program commitment. CIP is wholly responsible for the recruitment of a management group and board acceptable to Altius. Organization of the board, management and capital structuring of Newco is presently underway and will be reported upon once completed later in the fall.