07:45 AM EDT, 06/12/2024 (MT Newswires) -- Integra Resources ( ITRG ) said on Wednesday that its wholly-owned subsidiary Millennial Silver Nevada signed an option agreement with GreenLight Metals USA, a wholly-owned subsidiary of Green Light Metals Inc. for the Cerro Colorado Property 70 kilometers southwest of Tucson, Arizona.

Millennial Silver Nevada currently owns 100% of the membership interests in Millennial Arizona LLC, which holds the right to buy Cerro Colorado. As part of the agreement, Millennial Silver Nevada has granted GreenLight an exclusive option for 12 months to purchase the Interests in Millennial Arizona.

GreenLight plans to complete a listing on the TSX Venture Exchange soon.

In consideration for the grant of the option, GreenLight has agreed to deliver common shares of the company valued at no less than $500,000 to Integra. The shares will be paid in two tranches. The first tranche of shares, valued at no less than $250,000, will be delivered within five days of the execution of the agreement; and the second tranche of shares, valued at no less than $250,000, will be delivered at the earlier of the time of a go-public event, or Dec. 31.

To exercise the option and acquire the interests in Millennial Arizona, GreenLight will pay Integra in cash or common shares of GreenLight, an amount equal to the total 2024 Cerro Colorado holding costs incurred by Integra under the preexisting option through the closing date.