RE:RE:Syndicate Member Nicely Cashing UP Per the JUGR Nov 06 News release...it looks like the share distribution from JUGR got deferred once again...my bad...
Amended Option Agreements and ROFRs
Juggernaut has entered into agreements (the "Agreements") with The J2 Syndicate (the "Optionor"), pursuant to which the parties have agreed to further amend the terms of the Company's option on each Empire and Midas properties (the “Amendments”) as follows:
- Share issuances originally to be made by Juggernaut on February 1, 2019, consisting of an aggregate of 8,200,000 common shares of the Company (each, a "Common Share"), will be extended to March 30, 2020.
- Annual exploration expenses originally to be made by Juggernaut by December 31, 2019, consisting of an aggregate of $2,000,000, will be reduced to $1,200,000.
- Optional share issuances originally to be made by Juggernaut on May 1, 2019, consisting of an aggregate of 8,200,000 Common Shares, will be extended to March 30, 2021.
- Optional cash payments originally to be made by Juggernaut on May 1, 2019, 2020, 2021, 2022 and 2023, consisting of an aggregate of $1,000,000 on each such payment date, will be extended to March 30, 2021, 2022, 2023, 2024 and 2025, respectively.
- Optional share issuances originally to be made by Juggernaut on December 15, 2024, consisting of an aggregate of 8,200,000 Common Shares, will be extended to March 30, 2025.
- Optional cash payments originally to be made by Juggernaut on December 15, 2024, consisting of an aggregate of $1,000,000, will be extended to March 30, 2027.
- Optional cash payments originally to be made by Juggernaut on May 1, 2027, consisting of an aggregate of $1,000,000, to be paid March 30, 2027.
The Amendments are subject to Juggernaut satisfying certain conditions pursuant to the Agreements, including, but not limited, to the Company: (a) completing a private placement of securities of Juggernaut on or prior to March 30, 2019 for minimum net proceeds of $1,500,000; (b) incurring aggregate exploration expenditures of a minimum of $1,200,000 on the Midas and/or Empire properties during 2019; (c) incurring aggregate exploration expenditures of $300,000 (the "Exploration Commitments") on certain properties of the Optionor and The DSM Syndicate (“DSM”) during 2019; and (d) entering into agreements with the Optionor and DSM (the "Funding Agreements"), pursuant to which, inter alia, Juggernaut will agree to provide the Exploration Commitments in consideration for a right of first refusal in favour of the Company on each of the Bullion and Gold Standard properties, respectively. The Company expects to finalize the Funding Agreements within the next 30 days.