Business
Ashley Gold Closes Option Agreement on the Sahara Uranium-Vanadium Property
CALGARY, ALBERTA – TheNewswire - April 23, 2024 - Ashley Gold Corp. (CSE:ASHL) (“Ashley” or the “Company”) is pleased to announce that, further to the news rele
About this update from Ashley Gold Corp.
[{"type":"text","content":"CALGARY, ALBERTA – TheNewswire - April 23, 2024 - Ashley Gold Corp. (CSE:ASHL) (“Ashley” or the “Company”) is pleased to announce that, further to the news release dated March 4, 2024, it has executed a property option agreement dated April 22, 2024 (the “Agreement”) with San Rafael Resources LLC (“San Rafael”) to acquire a 100%-interest in the Sahara uranium-vanadium property, located in Emery County, Utah. (the “Property”). Darcy Christian, CEO of Ashley comments “This is a defining moment for the Company as Ashley now has line of sight for production cash-flow to continue to develop its existing assets and provide capital for new opportunities. In addition, we have solidified a relationship with San Rafael and Greg Kofford, the Optionor, bringing his capital experience and knowledge to the table. Mr. Kofford is going to be aligned with the shareholders for the long-haul, participating in financings alongside new and existing shareholders, with the intent to grow Ashley into one of the largest public multi-district producers in North America.” Option Agreement Terms Under the terms of the Agreement, Ashley has the right to acquire a 100% undivided interest in the Property through staged cash and share payments, plus minimum work expenditures totaling USD $10 million over a three-year period, as summarized below: 4,500,000 Ashley common shares within 30 days of Ashley completing a private placement financing for first stage earn-in. Terms and conditions of the private placement will be disclosed in a future press release when finalized. Ashley previously issued 500,000 common shares to San Rafael as a deposit upon execution of the letter of intent. 1,000m drill program and completion of National Instrument 43-101 Report on the Property within 30 days of the first anniversary To earn an initial 30% interest to the Property: issue 18,500,000 common shares; and pay USD $100,000 cash to San Rafael. To earn a 50% interest to the Property: issue 20,000,000 common shares; and complete expenditures of USD $3,000,000 on the Property. To earn 100% of the Property: issue to San Rafael, the greater of 36,500,000 common shares and the number of Ashley common shares that would result in the aggregate number of common shares issued to San Rafael pursuant to the Agreement representing 40%...