The TSX Venture Exchange has accepted for filing documentation pertaining to a mineral property option agreement dated Oct. 1, 2021, between Precipitate Gold Corp. and several arm's-length parties, whereby the company has been granted an option to acquire a undivided 100-per-cent right, title and interest in certain mineral claims (the Ace gold property), located in the north coast area of Newfoundland, Canada.
Under the terms of the agreement, the company will earn a 100-per-cent interest the in property by making aggregate cash payments of $136,500 and issuing 1.6 million common shares to the vendors over a four-year period.
The property is also subject to a 1.5-per-cent net smelter return (NSR) royalty, of which 66.6 per cent (1.0-per-cent NSR royalty) may be purchased by the company at any time for $500,000 per 0.5-per-cent NSR royalty.
For further details, please refer to the company's news release dated Oct. 12, 2021.
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