g Beauce Gold Fields Issues Royalty Payment Increasing HPQ Silicon Holding 03/05/2021 09:10 AM ET
Montreal, Quebec, Mar 05, 2021 (Newsfile Corp via COMTEX News Network) -- Montreal, Quebec--(Newsfile Corp. - March 5, 2021) - Beauce Gold Fields (TSXV: BGF) (Champs D'Or en Beauce) ("BGF"), settles outstanding debts of $50,000 due as the balance of NRS of $35,000 and $25,000 payable to HPQ-Silicon Resources Inc (TSXV: HPQ) for the period of 24 months including the years 2019 and 2020, in accordance with the sale agreement dated December 27, 2018 entered into by HPQ and the Corporation by which the Corporation acquired 120 mining claims located NTS sectors 21L02 and 21L07 as well as 7 Real Estate Lots, known as the Beauce Placer Property, by means of the issuance of 166,667 shares at a price of $0.30 per share. Each share issued pursuant to the debt settlement will have a mandatory four (4) month and one (1) day holding period from the date of closing. It being understood that this settlement is subject to the approval of the TSX Venture Exchange.
With this issuance of shares, HPQ will own 3,036,800 shares of BGF, or 7.25% of the outstanding float of BGF. BGF was spun out from HPQ by way of a plan of arrangement to become on February 4 2019, a TSX-V trading company.
About Beauce Gold Fields
Beauce Gold Fields is a gold exploration company focused on placer to hard rock exploration in the Beauce region of Southern Quebec. The Company's flagship property is the St-Simon-les-Mines Gold project site of Canada's first gold rush that pre-dates the Yukon Klondike. The Beauce region hosted some of the largest historical placer gold mines in Eastern North America that were active from 1860s to the 1960s It produced the largest gold nuggets in Canadian mining history (50oz to 71oz). The intent of Beauce Gold Fields is to trace the workings back to the bedrock source and uncover economic gold mineralization.
Comprising 152 contiguous claims and 7 real estate lots, the project area contains a six kilometer long placer channel consisting of an unconsolidated gold-bearing auriferous units of a lower saprolite and an upper brown diamictite. The Company has calculated a theoretical Gold Exploration Target for the entire historical placer channel ranges between 61,000 ounces (2,200,000 m3 @ 0.87g Au/m3) and 366,000 ounces* (2,200,000 m3 @ 5.22 g Au/m3).
*Source: Beauce July 4th 2018[43-101 Report.
The Company has identified a major Fault Line that coincides with an interpreted fault structure across the property. Evidence suggests the erosion of the Fault Line as a probable source of the historical placer gold channel, and has conducted bedrock sampling and geophysics outside the expression of the placer gold channel. The company will focus on the remote sensing surveys and compilation of the new information to prioritize its future programs.
Beauce Gold Fields website www.beaucegold.com
I am sure that everyone is aware of the shares we have in BGF .My question to the board is how much is priced in today, with the new shares?
thanks