Liberty Gold inks definitive deal to sell Kinsley
2019-12-02 07:36 ET – News Release
See News Release (C-LGD) Liberty Gold Corp
Ms. Susie Bell of Liberty reports
LIBERTY GOLD ANNOUNCES SIGNING OF DEFINITIVE AGREEMENT TO SELL ITS SHARE OF THE KINSLEY MOUNTAIN GOLD DEPOSIT, NEVADA
Liberty Gold Corp. has signed a definitive purchase option agreement for the sale of its 79.1-per-cent interest in the Kinsley Mountain gold project, located in northwest Nevada, to Barrian Mining Corp.
Pursuant to the terms of the Agreement, on closing, Liberty Gold will receive an aggregate of over US$7,500,000 in value for Kinsley (the “Transaction”).
Terms of the Agreement:
Closing of the Transaction is subject to completion of a financing by Barrian and other customary conditions including approval by the TSX Venture Exchange.
The US$7,500,000 purchase price will be paid in 3 stages over a 2 year period as follows:
US$2,500,000 on the closing date plus 2,000,000 Barrian common shares on a post-consolidation and pre-acquisition financing basis (subject to a contractual 12 month hold period).
US$2,500,000 on or before the 1st anniversary of the closing date plus 1,000,000 Barrian common shares (subject to a contractual 12 month hold period).
US$2,500,000 in common shares of Barrian on or before the 2nd anniversary of the closing date (subject to a 4 month statutory hold period).
A 1% Net Smelter Return Royalty (“NSR”) on the 79.1% interest in Kinsley: where Barrian, at its sole discretion has the right to re-purchase up to one-half percent (0.5%) of the NSR royalty upon payment of US$500,000.
ABOUT LIBERTY GOLD
Liberty Gold is focused on exploring the Great Basin of the United States, home to large-scale gold projects that are ideal for open-pit mining. This region is one of the most prolific gold-producing regions in the world and stretches across Nevada and into Idaho and Utah. We know the Great Basin and are driven to discover and advance big gold deposits that can be mined profitably in open-pit scenarios. Our flagship projects are Goldstrike, Black Pine and Kinsley Mountain, all of which are past producing open-pit mines, where previous operators only scratched the surface.
We seek Safe Harbor.
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