MINERAL PROPERTY

12 Months Ended

Aug. 31, 2016

MINERAL PROPERTY [Text Block]

7. MINERAL PROPERTY

Enertopia has signed the Definitive Agreement (the “Agreement”) on May 12, 2016 with Brandon Wilson Association respecting the option to purchase a 100% interest in approximately 2,560 acres of placer mining claims in Churchill, Lander and Nye Counties Nevada, USA. These placer mining claims are subject to a 1.5% NSR from commercial production with the Company able to buy back the NSR at the rate of $500,000 per 0.5% NSR.

The consideration payable by Enertopia to Brandon Wilson Association consist of:

(a)	paying $7,000 on signing the Offer; (paid)
(b)	paying $12,000 on signing of the Agreement and issuing 3,500,000 common shares in the capital stock of Enertopia as soon as practicable following the execution of the Agreement, (paid and issued)
(c)	paying an optional $12,000 on or before the six month anniversary of the Agreement; (paid subsequently. Refer to Note 15 (c))
(b)	paying an optional $22,500 on or before the one year anniversary of the Agreement.

The Company is also required to issue additional common shares upon the discovery of a Lithium enriched brine with an average 300ppm Li over 100 foot vertical interval in the enriched lithium brine in the Central Nevada Brine Project. Further, 1,000,000 Bonus Shares will be issued per each successful property discovery meeting the foregoing criteria up to a maximum 3,000,000 Bonus Shares.