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Beauce Gold Fields Pays off Property Mortgage in Full and Buys Back NSR on Company's Historical Placer Gold Deposit
Montreal, Quebec--(Newsfile Corp. - September 30, 2020) - Beauce Gold Fields (Champs D'Or en ...
About this update from Beauce Gold Fields, Inc.
[{"type":"text","content":"Beauce Gold Fields Pays off Property Mortgage in Full and Buys Back NSR on Company's Historical Placer Gold DepositMontreal, Quebec--(Newsfile Corp. - September 30, 2020) - Beauce Gold Fields (Champs D'Or en Beauce) (TSXV: BGF), (\"BGF\"), is pleased to announce that the Company has paid in full the principal and interest on a mortgage for 176 acres of real estate and bought back a 1.5% Net Smelter Royalty (NSR) held over the historical placer gold deposit in the municipality of Saint-Simon-les-Mines in the Beauce region of Quebec.Patrick Levasseur, President and CEO of Beauce Gold Fields said, \"The reimbursement of the mortgage represents a significant savings to shareholders. Moreover, with respect to the NSR, our predecessor company (Uragold) was granted certificates of authorization in 2013 for trial mining a section of the placer gold channel. In the event of a potential mining operation, the NSR we purchased will represent another significant saving as well.\"Placer Channel & Fault LineTo view an enhanced version of this graphic, please visit:https://orders.newsfilecorp.com/files/6198/64966_b35c3b39c418fa68_001full.jpgReference to the historical placer gold deposit does not comply with the CIM reporting standards National Instrument 43-101 for mineral resources or reserves and should not be relied upon. While the Company considers historical estimates and the calculated Gold Exploration Target* for the entire historical placer channel to be relevant to investors as it may indicate the presence of mineralization, the Company is not treating these historical estimates as a current mineral resource. During December 2018, the Company signed a real estate mortgage of $180,000, secured by the land with a net carrying amount of $204,346, bearing interest at compound rate of 18 % annually. On September 4, 2020, the Company reimbursed principal and interest.The Company also had assumed the payment to a third party of a royalty of 1.5% of which, at the option of the company, 1% was redeemable for an amount of $1,000,000. The 1.5% royalty will be redeemed by the Company from the holder thereof by means of the issuance of 700,000 common shares of its capital stock representing the redemption price of $108,500. This transaction is subject to the TSX Venture Exchange approvalModification To Stock Option PlanBeauce Gold Fields Inc. ...