Mr. Peter Bernier reports
PROSPER GOLD ENTERS INTO DEFINITIVE AGREEMENT TO OPTION STAR PROJECT TO CAVU MINING
Prosper Gold Corp. has entered into a definitive option agreement with Cavu Mining Corp. to grant Cavu the exclusive right and option to acquire Prosper's 51-per-cent interest (the option) in the Star project located in the province of British Columbia.
Under the terms of the option agreement, Cavu may exercise the option by (i) issuing 1.25 million common shares in the capital Cavu to Prosper on or before May 23, 2022, and (ii) making aggregate cash payments of $1,155,000 to Prosper as follows:
$100,000 on or before May 23, 2022;
- $285,000 on or before July 1, 2022;
- $385,000 on or before May 23, 2023;
- $385,000 on or before May 23, 2024.
Should Cavu not exercise the option in full, Prosper will have a 30-day period from the termination date of the option to purchase Cavu's 49-per-cent interest in the Star project for a lump sum cash payment of $500,000 subject to the terms of the option agreement.
We seek Safe Harbor.
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