$ELYGF The Option Under the amended terms of th
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Posted On: 08/20/2019 1:01:19 PM
$ELYGF The Option
Under the amended terms of the Option, McEwen may acquire a 100% interest in the Gold Canyon Claims by making the following payments to Ely Gold:
$112,500 on or before December 29, 2019;
$112,500 on or before December 29, 2020;
$112,500 on or before December 29, 2021; and
$300,000 on or before December 29, 2022 (the "Final Option Payment"
.
McEwen may terminate the Option Agreement at any time without further liability for future Option payments. In addition to the payments, McEwen must pay advance royalty payments of $25,000.00 on each anniversary of the Final Option Payment.
There are no work commitments or additional expenditures required other than McEwen's obligation to maintain the claim maintenance fees. If the Option is exercised by McEwen, Ely Gold will retain a 2% net smelter returns royalty ("NSR" on the Gold Canyon Claims. McEwen will maintain the right to buy-down 1% of the NSR for an aggregate purchase price of $3,000,000. As a condition of the McEwen purchase, Ely Gold has waived the area of interest provision in the Option Agreement. The Option Agreement was originally executed with Fremont on December 29, 2017 (see press release dated January 16, 2018).
https://www.bloomberg.com/press-releases/2019...wen-mining
Under the amended terms of the Option, McEwen may acquire a 100% interest in the Gold Canyon Claims by making the following payments to Ely Gold:
$112,500 on or before December 29, 2019;
$112,500 on or before December 29, 2020;
$112,500 on or before December 29, 2021; and
$300,000 on or before December 29, 2022 (the "Final Option Payment"
. McEwen may terminate the Option Agreement at any time without further liability for future Option payments. In addition to the payments, McEwen must pay advance royalty payments of $25,000.00 on each anniversary of the Final Option Payment.
There are no work commitments or additional expenditures required other than McEwen's obligation to maintain the claim maintenance fees. If the Option is exercised by McEwen, Ely Gold will retain a 2% net smelter returns royalty ("NSR"
on the Gold Canyon Claims. McEwen will maintain the right to buy-down 1% of the NSR for an aggregate purchase price of $3,000,000. As a condition of the McEwen purchase, Ely Gold has waived the area of interest provision in the Option Agreement. The Option Agreement was originally executed with Fremont on December 29, 2017 (see press release dated January 16, 2018). https://www.bloomberg.com/press-releases/2019...wen-mining
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