Mr. Mike England reports
SKY GOLD CORP. COMPLETES ACQUISITION OF STAR LAKE, HORNE AND LAURIER PROPERTIES IN NORTHWESTERN ONTARIO
The TSX Venture Exchange has accepted for filing Sky Gold Corp.'s previously announced arm's-length acquisitions of the Star Lake, Horne and Laurier properties located in Northwestern Ontario.
Star Lake property
As previously announced in the company's March 23, 2023, news release, the company will issue 1.25 million shares, pay $225,000 in cash to the vendors and incur exploration expenditures of $1-million over a four-year period. The company will additionally grant a 2.0-per-cent NSR (net smelter royalty) to the vendors of which 0.5 per cent can be bought back from the vendors before the fifth anniversary date for the sum of $500,000. The remaining 1.5 per cent of the NSR can be bought back from the vendors before the 10th anniversary for the sum of $2.5-million. Advanced royalty payments of $20,000 are due annually to the vendors on each anniversary from, at minimum, the fifth year until the 10th year of the agreement.
This is an arm's-length acquisition, and there are no finders' fees associated with this acquisition.
Horne and Laurier properties
As previously announced in the company's April 12, 2023, news release, the terms for each acquisition are identical, and the company will issue one million shares and pay $225,000 in cash for each property to the vendors, and incur exploration expenditures of $800,000 over a four-year period on each of the properties. The company will additionally grant a 2.0-per-cent NSR to the vendors, of which 1.0 per cent can be bought back from the vendors before the fifth anniversary for $500,000. The remaining 1.0 per cent of the NSR can be bought back before the 10th anniversary for the sum of $2.5-million. Advance royalty payments of $20,000 are due annually on each anniversary from, at minimum, the seventh year to the 10th year of the agreement.
These are arm's-length acquisitions, and there are no finders' fees associated with these acquisitions.
We seek Safe Harbor.
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