SIDEX is renewing its “FIELD-ACTION” financing program in 2016 to encourage junior mineral exploration companies to pursue field work in Québec.
This limited-time program, with a budget of $3M, is open to all companies with a project in Québec that meets the mission of SIDEX. That mission is to promote diversity in exploration in terms of target commodities, exploration models and technologies or new frontiers.
Designed to support field activities such as mapping, overburden stripping, sampling and ground geophysics, the program could provide a maximum investment of $100,000 per project.
SIDEX will provide the funding as equity or as a convertible debenture, depending on market conditions.
Administrative costs of 3% will be billed to the companies, which will include the preparation of legal documentation by SIDEX.
To qualify, candidate companies must fulfil the following criteria:
- Company trading on the TSX Venture Exchange
- Positive working capital at the time of application
- Sustainable development policy in place
Starting now, eligible companies can submit an application to SIDEX, including all required documents. Complete applications will be processed according to the date of receipt and will be accepted until October 31, 2016, or until the $3M budget has been depleted. SIDEX will make its financing decisions based on the quality of the project and the strategy proposed by the management team. A due diligence and approval procedure has been established by SIDEX to ensure the timely closing of each placement.
The exploration program forming the basis of the application must be carried out before November 30, 2016. A summary of the work and a statement of expenditures must be sent to SIDEX no later than December 31, 2016.
APPLYING TO THE “FIELD-ACTION 2016” PROGRAM
Please read the program description, which outlines the objectives, timeline and criteria.
The guide below lists the required documents.
On the company:
- A copy of the company’s sustainable development policy
- Documents on the company’s current financial situation:
- The latest quarterly report
- Confirmation that the working capital, at the date of the application, is positive; if applicable, specify any exploration expenditure obligations as well as any payments that must be made to maintain an interest in the company’s properties in 2016
On the project:
- A summary report on the project that includes (among other relevant information):
- A brief historical review
- Property rights
- The intended work program and objectives
- The proposed budget
Post-funding documents, to be submitted no later than December 31, 2016
The work program that is the subject of the funding application must be carried out by November 30, 2016. The company must submit, no later than December 31, 2016, a summary report that includes:
- The work performed
- A statement of expenditures