RSS SubscribeMarch 8, 2021
The TSX Venture Exchange has accepted for filing an option agreement dated Feb. 3, 2021, between Falcon Gold Corp., Esperanza Resources S.A. and Ivo Rojnica (the vendors), whereby the company has acquired up to a 100-per-cent right, title and interest in and to seven mineral concessions (totalling 11,072 hectares), known as the ERSA property, located in the Sierra de Las Minas district of La Rioja province in Argentina. Consideration for 80 per cent of the property, staged over the first four years, is 500,000 common shares, 500,000 common share purchase warrants and $350,000 (U.S.) in work expenditures. The vendor retains a 2-per-cent net smelter return (NSR) royalty. Consideration for the remaining 20 per cent is $1.5-million in cash and two million common shares due 30 months after the fourth year. The cash payment includes a reduction of 1 per cent of the NSR royalty.
Consideration: $1.5-million in cash, 500,000 shares and 500,000 warrants, and $350,000 (U.S.) in work expenditures
The common share purchase warrants are each exercisable into one common share for a period of 12 months at a price of 125 per cent of the last closing price, subject to a 10-cent minimum.
For more information, please refer to the company’s news release dated Sept. 9, 2021