Promising Sale: Yorbeau's Rouyn Property Transaction with Lac Gold
Yorbeau Resources Inc. and Lac Gold Announce Significant Agreement
Yorbeau Resources Inc. (TSX: YRB) has recently announced a significant asset purchase agreement with Lac Gold (Rouyn) Inc. This exciting development highlights Yorbeau's commitment to optimizing its resource potential while providing Lac Gold with a valuable mining opportunity.
Details of the Asset Purchase Agreement
Under this asset purchase agreement, Lac Gold is set to acquire a 100% interest in Yorbeau's Rouyn property. The total purchase price for this lucrative transaction is C$25,000,000, structured through several payments that reflect both immediate investment and long-term financial commitment. The initial payment of C$2,000,000 is due within 48 hours of signing the agreement, followed by a payment of C$3,000,000 upon closing, which is expected no later than December 16 of the current year.
Installments and Royalty Benefits
The remaining balance of C$20,000,000 will be paid in three equal installments of C$6,666,666 over the subsequent three years. Moreover, upon successful completion of the transaction, Lac Gold will issue a 2% net smelter royalty (NSR) on any minerals produced from the property, ensuring that Yorbeau benefits from the property’s future production.
Strategic Use of Proceeds
Yorbeau plans to utilize the funds generated from this sale not merely for immediate corporate needs but also as a substantial investment into its exploration initiatives. By allocating these proceeds towards their other properties, they envisage enhancing their exploration and pre-development activities.
Leadership Perspective on the Deal
G. Bodnar Jr., President and CFO of Yorbeau, expressed enthusiasm about this new chapter. He remarked on the strong cooperation expected with Lac Gold to ensure all conditions for the closure of the transaction are met swiftly. This sentiment is shared with Terry Kocisko, the CEO, who noted how the sale would bolster Yorbeau’s financial standing, allowing them to advance their extensive portfolio, particularly focusing on targets that will emerge in forthcoming announcements.
The Rouyn Property: A Valuable Opportunity
Matthew Keegan, Chairman of Lac Gold, elaborated on the potential of the Rouyn property, highlighting Quebec amongst the most appealing mining investment jurisdictions globally. He underscored the significant mineral endowment identified by the Yorbeau team, which presents a promising opportunity for the quick expansion of mining operations. Lac Gold aims to kickstart groundworks, including key economic studies and resource drilling.
About Yorbeau Resources
Yorbeau Resources Inc., recognized publicly as TSX: YRB, stands at the forefront of gold and base metal exploration in Quebec, Canada. With the impending sale of the Rouyn property, the focus will shift towards exploring strategic partnerships, especially for the Scott Lake zinc copper deposit. Additionally, the exploration will continue across other well-positioned properties in regions like Detour, Joutel, and Selbaie.
Insights into Lac Gold Pty Ltd
Lac Gold Pty Ltd is an Australian private company aimed at acquiring and advancing precious metal resources. Its newly formed team comprises investors and resource industry veterans, ready to assess the economic viability of the Rouyn property. This partnership is poised to instigate substantial development in the mining operation landscape of Quebec, embodying a strong commitment to sustainable practices and local stakeholder engagement.
Frequently Asked Questions
What is the main outcome of the agreement between Yorbeau and Lac Gold?
The partnership will enable Lac Gold to acquire a 100% interest in Yorbeau's Rouyn property, with significant financial benefits for both parties.
How much is Lac Gold paying for the Rouyn property?
Lac Gold will pay a total of C$25,000,000 for the property, with structured payments over multiple instances.
What are the future plans for Yorbeau Resources following the sale?
Yorbeau intends to use the proceeds from the sale for further exploration programs and enhancement of other properties.
What is the significance of the net smelter royalty (NSR) in the agreement?
The NSR ensures Yorbeau will receive a percentage of revenues from any minerals produced, adding a long-term financial incentive linked to the property's output.
Who can be contacted for more information regarding the agreement?
For inquiries, you can reach G. Bodnar Jr., President and CFO of Yorbeau Resources Inc. at Tel: 514-384-2202 or via email.
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