Nexus Gold, Leocor Ventures property agreement
2020-05-04 19:06 ET – Property Agreement
The TSX Venture Exchange has accepted for filing a property option agreement dated April 22, 2020, between Nexus Gold Corp. and Leocor Ventures Inc., whereby the company has granted Leocor the right to acquire up a 100-per-cent interest in the Dorset gold project, located in Newfoundland. In consideration, Leocor will make cash payments to the company totalling $1.25-million ($150,000 in the first year) over a four-year period, with the first-year and second-year cash payments of $150,000 payable in Leocor’s common shares at the election of Leocor, based on the market price of the common shares of Leocor on the Canadian Securities Exchange at the time of issuance. Leocor shall incur expenditures on the project of at least $1.5-million over a five-year period and assume the responsibility of a 2-per-cent net smelter return (NSR) royalty on the project.
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