The TSX Venture Exchange has accepted for filing documentation pertaining to an agreement dated Jan. 24, 2014, among West Kirkland Mining Inc. and Allied Nevada Gold Corp. Pursuant to the agreement, the company has the right to acquire up to a 100-per-cent interest in the Hasbrouck and Three Hills properties located in Nevada in the United States.
Consideration for the properties is as follows:
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On signing of agreement -- $500,000 (U.S.) cash (paid);
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On or before April 24, 2014 -- $19.5-million (U.S.) cash;
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On or before Oct. 23, 2016 -- $10-million (U.S.) cash.
In terms of the agreement, cash payments of $20-million (U.S.) will enable the company to acquire a 75-per-cent interest in the properties. The additional $10-million (U.S.) payment will enable the company to acquire the remaining 25-per-cent interest in the properties. Under the terms of the agreement, Allied Gold has the right to decline the final payment in which case the properties will be transferred into a joint venture with the company retaining a 75-per-cent interest in the joint venture and Allied Gold retaining a 25-per-cent interest in the joint venture.
For additional information please refer to the company's news releases dated Jan. 27, 2014, and April 17, 2014.
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