Outcrop Gold agreement for Colombia property
2020-07-21 18:46 ET – Property Agreement
The TSX Venture Exchange has accepted for filing documentation pertaining to a purchase and sale agreement dated July 17, 2020, between Outcrop Gold Corp. and two arm’s-length parties, whereby the company has acquired applications for certain mineral concessions comprising over 17,000 hectares, located in the Mariquita district, Colombia.
Under the term of the agreement, the company will make a $250,000 (U.S.) cash payment and issue one million common shares to the vendors on closing. An additional $1-million (U.S.) worth of common shares will be issued at the five-day volume-weighted average price (VWAP) on the date of issuance upon certain future permitting milestones having been met.
Additionally, the vendors will retain a 2-per-cent net smelter return royalty on the project, 50 per cent of which is purchasable by the company at any time for $500,000 (U.S.).
For further details, please refer to the company’s news release dated July 20, 2020.
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