Intact Gold, Caprock Ventures property agreement
The TSX Venture Exchange has accepted for filing a letter agreement dated May 9, 2016, between the company and Caprock Ventures Corp. (Jeremy Andrews). Pursuant to the terms of the agreement, the company may acquire a 100-per-cent interest in the Belletere Extreme East property and the Ortona property. By way of consideration, the company will make cash payments totalling $25,000 and will issue 1.5 million shares at a deemed price of 12 cents per share. An additional 500,000 shares may be issued to the optionor if certain targets are met. Exploration expenditures of $500,000 are required within three years. The properties are subject to a 0.5-per-cent net smelter return (NSR) in favour of the optionor, which the company may repurchase for $500,000. The original vendors of the properties also retain NSRs (1-per-cent NSR on the Ortona property and 3.5-per-cent NSR on the Belleterre Extreme East), all of which may be repurchased by the company.
Please refer to the company’s news release dated May 10, 2016, for further details.