(via TheNewswire)
Highlights of the Agreement
Option and Sale of 122 claims and 6,879 ha, Urban Barry Gold Property located in
Urban Barry /Windfall area Quebec.EGR will receive a total of
$90,000 cash, 1,750,000 common shares of Harvest Gold, and a 2.0% NSR Royalty. Harvest Gold is also required to spend a minimum of$300,000 in exploration expenditures in the first two years.EGR will receive an additional 1 million common shares upon Harvest Gold announcing a 43-101 compliant resource estimate of 1 million ounces of gold in the inferred category.
Value creation for EGR shareholders with discovery potential in a
Quebec focused exploration company.
CEO Comments
About Urban Barry Property
The
*https://www.osiskomining.com/projects/windfall
From
Transaction Detail Summary
1) Harvest Gold will pay a total of
First cash payment of
$15,000 upon signing of the Option Agreement and TSXV approvalSecond cash payment of
$30,000 on/before July 2, 2024Third cash payment of
$45,000 on/before July 2, 2025
2) Harvest Gold to issue 2,750,000 shares in three tranches:
First share issuance of 1,000,000 shares upon updated claims status with Ministère des ressources naturelles et des forêts
Second share issuance of 500,000 shares on December 15, 2024
Third share issuance of 250,000 shares on December 15, 2025
Final share issuance of 1,000,000 shares if there is an NI 43-101 inferred resource estimate of 1,000,000 oz AuEq or greater.
3) EGR will retain a 2.0% NSR Royalty on the Urban Barry Property subject to a 1.0% (50% of Royalty) buyback for
4)Harvest Gold will expend
5) Harvest Gold is to complete two years of work commitments prior to returning any claims.
Qualified Person Statement
The disclosure of technical or scientific information in this press release has been reviewed and approved by
About
For further information contact:
CEO & Director
Phone: (604) 353-4080
Email: drodriguez@egrexploration.com
Forward‐Looking Statement (Safe Harbor Statement): This press release contains forward-looking statements within the meaning of applicable securities laws. The use of any of the words "anticipate", "plan", "continue", "expect", "estimate", "objective", "may", "will", "project", "should", "predict", "potential" and similar expressions are intended to identify forward-looking statements. In particular, this press release contains forward-looking statements concerning the Company's exploration plans. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company cannot give any assurance that they will prove correct. Since forward-looking statements address future events and conditions, they involve inherent assumptions, risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of assumptions, factors and risks.These assumptions and risks include, but are not limited to, assumptions and risks associated with conditions in the equity financing markets, and assumptions and risks regarding receipt of regulatory and shareholder approvals. Management has provided the above summary of risks and assumptions related to forward-looking statements in this press release in order to provide readers with a more comprehensive perspective on the Company's future operations. The Company's actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits the Company will derive from them. These forward-looking statements are made as of the date of this press release, and, other than as required by applicable securities laws, the Company disclaims any intent or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or results or otherwise. Neither the
Copyright (c) 2023 TheNewswire - All rights reserved.
Copyright (c) 2023 TheNewswire - All rights reserved., source