Sage Gold agreement for Pauloski propertySage Gold agreement for Pauloski property
2010-01-07 16:47 ET - Property Agreement
The TSX Venture Exchange has accepted for filing documentation pertaining to an option agreement dated July 1, 2009, between Sage Gold Inc. and one arm's-length party. Pursuant to the agreement, the company shall have the option acquire a 100-per-cent interest in three unpatented mining claims on the Pauloski property in the Coughlan Lake area.
As consideration, the company must issue the optionors 200,000 shares and pay an aggregate of $37,500 over a two-year period. The property is subject to a 2.5-per-cent net smelter returns royalty (NSR) for precious metals and base metals, which can be reduced to 2 per cent and 1 per cent for precious metals and base metals respectively, by the payment of $1-million. At the fourth anniversary, the property is subject to an advance annual royalty of $7,500, payable in cash or shares at the option of the company.
For further information, please refer to the company's press releases dated Oct. 22, 2009