Golden Caribou Explorations has agreed to relinquish its option on t he Holman mine in Nova Scotia to the optionor, John Logan Enterprises for $750,000. This sum is payable $250,000 on or before Feb 28, 1987 and the balance of $500,000 before Dec 31, 1990, with some provision for interest. If the $500,000 is not paid, the $250,000 is forfeited and the option on its original terms reverts to Golden Caribou.
Golden Caribou understands that John Logan Enterprises is in turn negotiating a concurrent option on the Holman mine with Seabright Explorations on terms and conditions not disclosed to Golden Caribou except that John Logan Enterprises’ payments to Golden Caribou are to come out of proceeds it receives from Seabright.
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