York Harbour NSR buyback agreement
2022-06-21 20:08 ET – Property Agreement
The TSX Venture Exchange has accepted for filing documentation of the letter agreement dated May 10, 2022, among Grassroots Prospecting & Prospect Generation Inc., United Gold Inc., and G2B Gold Inc. (collectively the vendors), and the company. Pursuant to the terms of the agreement, the company will buy back an aggregate 1.5-per-cent net smelter return (NSR) royalty in respect of the mineral property option agreement dated Feb. 26, 2021, between the company and the vendors. The NSR will be acquired by the company in equal 0.5-per-cent parts from each of the vendors in consideration of $500,000 cash payment to each vendor and an issuance of 1.5 million common shares at a deemed price of $1 per common share to each vendor. The consideration shares will be subject to an escrow agreement, wherein 25 per cent will be released every six months over a 24-month period.
The vendors will retain a 0.5-per-cent NSR royalty pursuant to the option agreement.
For further information, please refer to the company’s news releases dated May 12, 2022.
https://yorkharbourmetals.com/
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