The TSX Venture Exchange has accepted for filing an option, joint venture and net smelter return (NSR) royalty agreement dated Oct. 7, 2020, as amended by a letter agreement dated Oct. 21, 2020, between AIS Resources Ltd. and Denis M. Walsh (the vendor), whereby the company may acquire up to a 100-per-cent undivided interest in and to the Yalgogrin gold project, located near West Wyalong, New South Wales, Australia. Consideration for the initial 60-per-cent interest is $275,000 (Australian) cash, four million common shares and $750,000 in work expenditures during the following 12-month period. The remaining 40-per-cent interest may be acquired for consideration of $600,000 (Australian) in common shares up to a maximum of 9.9 per cent of the company's issued and outstanding shares, with any balance remaining to be paid in cash. The vendor will retain a 2-per-cent NSR royalty until 50,000 ounces of gold have been sold.
For more information, please refer to the company's news release dated Oct. 7, 2020.
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