Silcom - Gunman Here's part of the NR re: Silcom released by BHS
This one states that CYP received
$50,000, etc. already which is non-refundable. So if Silcom / BHS management do not complete the rest of the terms, then the option is void basically.
"Bayhorse Spin-Off Silcom Systems Inc. Options Gunman High Grade Zinc-Silver Project in Nevada, USA, from Cypress Development Corp. Burnaby, BC - (
April 5, 2017) - Bayhorse Silver Inc. (v.BHS) is pleased to report that
Silcom Systems, Inc, of Burnaby, BC, a reporting issuer in BC, and a
Spin-Off of Bayhorse Silver Inc, has entered into an Option Agreement with Cypress Development Corp to acquire an up to 80% interest in its Gunman High Grade Zinc Silver Property in White Pine County, NV US.
Silcom is preparing an updated NI-43-101 Technical Report on the Gunman Property, and is
currently completing its required regulatory filings in preparation for a
proposed listing on the Canadian Securities Exchange. The 460 acre Gunman Zinc-Silver Project is located NE of Eureka, Nevada. Cypress Development Corp., through 2014, conducted 53,400 feet of RC and core drilling, and reported encountering significant zinc and silver grades near surface. In 2014, Cypress completed a NI-43-101 Technical Report, filed on Sedar, which is available at
https://www.cypressdevelopmentcorp.com/i/pdf/Gunman-43-101_Report_March_17.pdf.
The agreement consists of two Options. The first Option is to acquire an initial 51% interest in the property upon cash payments of US$300,000, of
which a non-refundable US$50,000 payment has been paid, US$1,850,000 in exploration expenditures, and the issuance of 1,500,000 shares of Silcom over 3 years. Cypress has granted Silcom a 2nd Option to acquire an additional 29% interest by making a cash payment of US$250,000, the issuance of 500,000 shares of Silcom, and incurring additional exploration expenditures totaling US$1,100,000 within a 12-month period following exercise of the first Option.
Upon completion by Silcom of the two Option Agreements and the issuance of all the shares and cash payments and completion of all work commitments set out above, Silcom shall have earned an 80% interest in the Gunman property, subject to an underlying 2% NSR royalty interest."