- Write by:
-
Tuesday, August 28, 2018 - 6:32:47 PM
-
566 Visit
-
Print
Mining News Pro - Junior gold explorer Calidus Resources has inked a letter of intent (LoI) with TSX-listed Pacton Gold to dispose of its noncore conglomerate gold rights for C$3.5-million in shares.
According to Mining News Pro - Under the terms of the LoI, Calidus will receive a nonrefundable payment
of C$10 000 and will be issued seven-million common shares in Pacton as consideration for the grant of the gold rights, upon completion.
All of the shares will be subject to a four-month escrow period, with
25% of the shares subject to further voluntary escrow pending grant of
the exploration licence applications.
Calidus may be entitled to a further three-million common shares in Pacton 12 months after the date of the execution of a definitive agreement, dependent on the performance of the Pacton share price.
The gold rights will run over a portfolio of six granted exploration licences and two exploration licence applications, covering 357.7 km2, with mapped conglomerates. Pacton will be liable for the rehabilitation and environmental obligations and to spend a minimum of C$50 000 in aggregate on all tenements during each 12 month period from the start of the gold rights agreements.
“This is a pleasing outcome as sale of the conglomerate gold rights provides Calidus with an opportunity to realise value over noncore areas of the company’s portfolio,” said Calidus MD Dave Reeves.
“This value chain can in time be applied to assisting in funding our core focus, which is developing the Warrawoona gold project.”
Pacton in August inked a C$2-million deal with ASX-listed junior Arrow Minerals for its 49% remaining interest in the Pilbara gold project, for C$1-million in cash and two-million Pacton shares.
Short Link:
https://www.miningnews.ir/En/News/246850
AbraSilver Resource said on Monday it has received investments from both Kinross Gold and Central Puerto, Argentina’s ...
A prefeasibility study for Predictive Discovery’s (ASX: PDI) Bankan gold project in Guinea gives it a net present value ...
Chinese coal prices are likely to keep falling until the start of the peak summer season, suppressing imports of the ...
Ivanhoe Electric (NYSE American: IE) (TSX: IE) terest in the Samapleu-Grata nickel-copper project in Côte d’Ivoire after ...
SolGold has managed to slash the upfront cost of the 100% owned Cascabel project in Ecuador while the company continues ...
Dolly Varden Silver (TSXV: DV) has discovered a new, gold-rich zone to the northwest of its Homestake Silver deposit in ...
Anglo American is in the early stages of exploring for copper and cobalt in Zambia’s North-Western province, its chief ...
Mining News Pro - Canadian junior Adventus Mining is acquiring cohort Luminex Resources in an all-stock deal that ...
Mining News Pro - Epiroc is partnering with European consortium Smart Exploration on research dedicated to minerals and ...
No comments have been posted yet ...