Post by
Time4gold on Aug 31, 2023 11:00am
Any day now. AUU 3 cents. No brainer.
The terms of the Agreement include: Initial cash payments and cost reimbursements from Kinross totaling US$50,000. A commitment to purchase up to 9.9% of the issued and outstanding shares of Gold79 on a partially diluted basis (for no greater than US$200,000). Kinross will make ongoing lease payments of US$75,000 per year for the term of the agreement, the first payment of which is due within 30 days of closing. • Kinross is required to spend US$600,000 in exploration work and will be responsible for making the payments to keep the unpatented claims in good standing. • During the term of the agreement, Kinross has the option to acquire 70% of the project for a cash payment of US$5,000,000 to Gold79 and form a joint venture LLC, and a second option to acquire an additional 10% of the project for a further payment of US$5,000,000 to Gold79. • The term of the Agreement is four years commencing from receipt of the pending drill permit, with a potential extension of up to two years, subject to certain conditions. • If an LLC is formed, in the event that either party is diluted below 10%, its interest converts to a 1% net smelter returns (NSR) royalty.
Comment by
argaiv on Sep 20, 2023 6:23pm
I saw that they perfromed a PP for over 8 million shares at 0.03. Talk about dilution!