Yorbeau Resources Completes Sale of Rouyn Property
MONTREAL — Yorbeau Resources Inc. (TSX: YRB), hereafter referred to as the Company, has officially announced the successful completion of the sale of its Rouyn property to Lac Gold (Rouyn) Inc., a subsidiary of Lac Gold Pty Ltd (Au). This significant transaction marks a pivotal moment for the Company as it moves forward with its operational objectives.
Details of the Sale Agreement
As part of the transaction, Lac Gold will acquire a 100% stake in the Rouyn property for a total purchase price of C$25,000,000. This amount is structured into several payments:
- C$2,000,000 was transferred within 48 hours after signing the asset purchase agreement, which was executed on the 1st of October.
- An additional C$3,000,000 was paid on the closing date of the transaction.
- The remaining balance will be settled in three equal installments of C$6,666,666 on the second, third, and fourth anniversary of the agreement's effective date, under a promissory note that incurs a 5% annual interest rate.
Key Aspects of the Property Transfer
The official transfer of the property title to Lac Gold occurred upon the receipt of the second installment payment of C$3,000,000 and the fulfillment of other regulatory closing conditions. Lac Gold has a period until December 10, 2028, to complete the final installment but retains the option to expedite the payment. This financial arrangement is secured by a first-ranking hypothec on the property.
Royalty Agreement and Future Plans
Alongside the purchase price, Lac Gold has also provided the Company with a 2% net smelter returns royalty on any minerals extracted from the Rouyn property. This arrangement reinforces Yorbeau's revenue potential as the property is developed.
Utilizing Sale Proceeds
Yorbeau intends to allocate the proceeds from this sale toward funding exploration programs and pre-development activities on its other holdings, as well as for general corporate purposes. This strategic move not only enhances the financial position of the Company but also aligns with its commitment to active exploration in the region.
About Yorbeau Resources Inc.
Founded in Canada, Yorbeau Resources Inc. is a public entity listed on the TSX (YRB). The Company is dedicated to gold and base metal exploration in Quebec. Currently, its main focus lies in finding a suitable partner to advance the development of the Scott Lake zinc-copper deposit situated near Chibougamau. Further details can be found in their technical reports which emphasize the value and potential of their exploration endeavors.
Exploration Activities in Quebec
Yorbeau is also progressing with exploration initiatives across well-positioned properties in the Detour, Joutel, and Selbaie regions of northwestern Quebec. Notable among these is the Beschefer property, which is adjacent to the ongoing explorations by Abitibi Metals Corp, and the Selbaie West property, neighboring Soquem's Wagosic property where promising base metal values have been identified.
Contact Information
For any further inquiries or detailed information, please reach out to:
G. Bodnar Jr.
President, Chief Financial Officer
Yorbeau Resources Inc.
Email: gbodnar@yorbeauresources.com
Phone: 514-384-2202
Toll-free in North America: 1-855-384-2202
Frequently Asked Questions
What is the Rouyn property?
The Rouyn property is a mining site previously owned by Yorbeau Resources, now sold to Lac Gold for further development.
What is the total value of the property sale?
The total sale price for the Rouyn property is C$25,000,000.
What will Yorbeau do with the funds from the sale?
The proceeds will be used for exploration programs, pre-development activities, and general corporate purposes.
Is there a royalty agreement in place?
Yes, Lac Gold issued a 2% net smelter returns royalty to Yorbeau on any minerals produced from the Rouyn property.
Where can I find more information about Yorbeau Resources?
Additional information regarding Yorbeau's activities and technical reports can be accessed on their corporate profile.
