00:47:51 EDT Fri 29 Mar 2024
Enter Symbol
or Name
USA
CA



Brigadier Gold Ltd (3)
Symbol BRG
Shares Issued 56,303,865
Close 2020-08-11 C$ 0.365
Market Cap C$ 20,550,911
Recent Sedar Documents

Brigadier Gold agreement for Picachos

2020-08-11 20:07 ET - Property Agreement

The TSX Venture Exchange has accepted for filing a definitive agreement dated Aug. 4, 2020, between Brigadier Gold Ltd. and Minera Camargo SA de CV. Pursuant to the agreement, Brigadier will have the option to acquire a 100-per-cent interest in the 3,954-hectare Picachos gold-silver property from Minera Camargo, located in the National Mineral Reserve, Sinaloa, Mexico.

In order to exercise the option, Brigadier will make cash payments totaling $275,000 (U.S.), will issue four million common shares at a deemed price of 30 cents per common share and will further commit to completing $3.85-million (U.S.) in cumulative exploration expenditures over the five-year period of the agreement.

               PAYMENT SCHEDULE
        (All figures are in U.S. dollars.)

              Cash       Shares   Exploration

On signing   $35,000         nil         nil
Year 1           nil     250,000    $100,000
Year 2       $25,000     500,000    $500,000
Year 3       $40,000     750,000    $750,000
Year 4       $75,000   1,000,000  $1,000,000
Year 5      $100,000   1,500,000  $1,500,000

Pursuant to the terms of the agreement, upon delineating a mineral resource containing a minimum of 350,000 ounces of gold, Brigadier will issue one million common shares. In addition, the company will also provide $725,000 (U.S.) and one million shares upon the completion of a feasibility study and further pay $2-million (U.S.) in cash upon commercial production. The company will also have the option to satisfy half the payments from those milestones by issuing common shares at the market price of the company, subject to a minimum of 30 cents per common share. In addition, Minera Camargo will retain a 2-per-cent net smelter royalty on the property.

In connection with the agreement, Brigadier will pay $325,320 (Canadian) to Andrew Delic as a finder's fee satisfied by issuing 1,084,400 common shares at a deemed value of 30 cents per common staged over the five-year term of the deal and upon the completion of the first two milestone payments mentioned above.

© 2024 Canjex Publishing Ltd. All rights reserved.