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Gespeg Copper Resources Signs Binding Letter of Agreement to Acquire 50% interest in Montauban project from DNA Canada Inc.
SASKATOON, SASKATCHEWAN--(Marketwired - June 9, 2017) GESPEG COPPER RESOURCES INC. (TSX VENTURE:GCR) (the "Company" or "Gespeg") announces the signing of a 60 d
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[{"type":"text","content":"SASKATOON, SASKATCHEWAN--(Marketwired - June 9, 2017) GESPEG COPPER RESOURCES INC. (TSX VENTURE:GCR) (the \"Company\" or \"Gespeg\") announces the signing of a 60 day binding letter of agreement (the \"Agreement\") with DNA Canada Inc. The agreement is an option to acquire a 50% undivided interest (the \"Option\") in the 65 mining claims and the mining lease all located in the Montauban and Chavigny townships, in the county of Portneuf, in the province of Québec (the \"Property\") and ii) the buildings, immoveable and other assets described in Schedule B hereof and located on the Property (the \"Assets\"). 1. Terms of the Option The Option shall be exercisable by Gespeg in the following manner: Acquisition of a first 10% interest Gespeg shall automatically acquire a 10% interest in the Property and Assets by doing the following: deliver a compliant NI 43-101 report on all existing tailings on the Property, indicating at least inferred resources; and issue to DNA 3,000,000 common shares. Acquisition of a second 15% interest Gespeg shall automatically acquire an additional 15% interest in the Property and Assets by doing the following: obtain all the required permits from the various governmental authorities of the Province of Québec with respect to the Property and Assets; and issue to DNA 5,000,000 common shares. Acquisition of a final 25% interest Gespeg shall automatically acquire an additional and final 25% interest in the Property and Assets by doing the following: start production of the tailings; issue to DNA 10,000,000 common shares. Upon the obtaining by Gespeg of an interest in the Property and Assets, DNA shall execute and deliver to Gespeg a Mining Right Transfer Form evidencing such transfer of interest from DNA to Gespeg, in the required form, together with any other document necessary for such transfer, and Gespeg shall be responsible for paying any statutory or administrative fee or duty in relation to such transfer of mining rights and to the registration thereof. DNA also recognizes that all common shares issued to DNA shall be subject to a statutory hold period of 4 months and 1 day from the date of issuance. All operations during the Option period to gain 50% undivided interest shall be executed by Gespeg, which shall be the sole responsible of all payments, it being understood that all expenses related ...