V.TRU
Tru Precious agreement for King George IV property
2021-07-27 19:49 ET - Property Agreement
The TSX Venture Exchange has accepted for filing documentation pertaining to an asset purchase agreement dated July 13, 2021, between the company and an arm's-length party, whereby the company shall acquire a 100-per-cent interest in the King George IV property, consisting of five mineral licences covering 51 contiguous claims, located in west-central Newfoundland.
As consideration, the company will make a one-time $25,000 cash payment and will issue an aggregate 300,000 shares over the period of three years to the vendors. Additionally, the company is required to make an aggregate $65,000 cash payment over the next two years, which can be satisfied with common shares at the election of the company. The vendor retains a 2-per-cent net smelter return (NSR) royalty on the property and the company may buy back 1 per cent of the NSR at any time for $1-million. Pursuant to the option agreement, following exercise of the option, the company would be required to pay $250,000, payable in cash only, to the vendor upon the company defining a National Instrument 43-101-compliant measured and indicated mineral resource estimate equal to at least one million gold ounces (at a cut-off of one gram per tonne) on the King George IV property.
For more information, please refer to the company's news release dated July 14, 2021.