Ego/eld sky 🚀 rocketed on explosive 🧨 news TRU Precious Metals enters definitive option agreement with Eldorado Gold
TRU Precious Metals (OTCQB:TRUIF) has signed a definitive earn-in agreement with Eldorado Gold (NYSE:EGO) effective July 29, pursuant to which Eldorado has been granted the exclusive option to earn an 80% ownership interest in TRU's Golden Rose project.
The project is located along the gold deposit-bearing Cape Ray - Valentine Lake Shear Zone in Central Newfoundland.
The option agreement, if exercised, would result in Eldorado (EGO) owning an 80% interest in each of TRU's 100%-owned mineral claims and TRU's right to acquire up to a 65% interest in certain contiguous mineral claims pursuant to an option agreement with Quadro Resources Ltd.
Upon Eldorado exercising the option, TRU (OTCQB:TRUIF) and Eldorado (EGO) will negotiate and enter a joint venture agreement.
If TRU's interest in such joint venture is diluted below 10%, its interest would convert to a 2% net smelter returns royalty, of which 1% would be re-purchasable by Eldorado for C$5,000,000 at the time of commercial production.
Source: Press Release
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