Shares of natural resource project generator Cloudbreak Discovery (LON: CDL) have surged Wednesday following the news that it has entered into an agreement with Moonbound Mining regarding the Yak Project for gold mineralization in northwestern British Columbia.
The Yak Project targets gold mineralisation in northwestern British Columbia, covering an area of 4,020 hectares.
The deal will see Moonbound issue Cloudbreak 2.7 million common shares and make aggregate cash payments to Cloudbreak of C$145,000 over 3-years.
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Moonbound is committed to spending up to C$700,000 on the Yak Project, with C$150,000 to be spent before the 2nd anniversary of Moonbound listing on an exchange.
Moonbound is required to enter a public transaction within 6 months of the agreement. Once completed, Cloudbreak will transfer 100% interest in the property to Moonbound while retaining a 2% net smelter royalty.
Kyler Hardy, CEO of Cloudbreak Discovery, said: “Our partnership with Moonbound represents a formalisation of longstanding relationships with the Cloudbreak team and we are looking forward to the collaboration as much as the exploration itself. The rocks in this area continue to yield new and exciting mineralisation.”
Cloudbreak shares have rallied over 16% to 2.15p following the news.
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