Avalon paid Nortec €20,000 and issued 1,000,000 Avalon shares upon the signing of the Heads of Agreement. Through its subsidiary Scandian Metals, Avalon will fund exploration on the Tammela Project in two stages to earn an 80% interest.
Stage 1 comprises of an expenditure of €500,000 over a 24 month time period to earn a 51% Interest. This was completed in 2016 with expenditures as of February 21, 2017 at €931,394
As of March 15, 2017 Avalon has elected to undertake Stage 2, payment of €200,000 has been received by Nortec leaving a commitment to complete an additional expenditure of EUR 1,000,000 over two years to earn another 29% for a total 80%.
Avalon and Nortec will form an 80:20 Joint Venture on completion of the Stage 2 program.