Vancouver, British Columbia-based resources company Cap-Ex Ventures Ltd. announced Wednesday that it has acquired two strategic direct shipping iron ore properties that adjoin Cap-Ex's Block 103 property near Schefferville, Quebec from Adriana Resources Inc.
Under the agreement, Cap-Ex Ventures will present Adriana with a cash payment of $500,000 and the issuance of 500,000 common shares of the company. The agreement also calls for the Company to grant to Adriana, on closing, a 1% NSR on all production of iron ore or other products from the properties.
With the new acquisition, the Cap-Ex land package in the Schefferville region now covers 34,025 hectares (131 square miles or 340 km).
The agreement is subject to the approval of the TSX-Venture Exchange.