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Canadian GoldCamps Amends Definitive Agreement to Acquire 70% interest in Murphy Lake Property located in the Athabasca Basin, Saskatchewan
Vancouver, British Columbia and Toronto, Ontario – TheNewswire - October 23, 2024 – Canadian GoldCamps Corp. (“Canadian GoldCamps”, or the “Company”) (CSE: CAMP
About this update from Canadian Goldcamps Corp
[{"type":"text","content":"Vancouver, British Columbia and Toronto, Ontario – TheNewswire - October 23, 2024 – Canadian GoldCamps Corp. (“Canadian GoldCamps”, or the “Company”) (CSE: CAMP) (FSE: A68) (OTC: SMATF) announces that further to its news release dated June 3, 2024, the terms of the definitive agreement dated May 29, 2024 (the “Agreement”) between Canadian GoldCamps and F3 Uranium Corp’s wholly-owned subsidiary, F4 Uranium Corp. (\"F4\") to earn up to a 70% interest in and to F4’s Murphy Lake Property (the \"Property\") in the Athabasca Basin, Saskatchewan (the “Transaction”) has been amended. The amended agreement dated October 21, 2024 (the “Amended Agreement”) contains certain changes in order to, among other things: (a) amend the timing and amount of the expenditures (the “Expenditures”) to be made by Canadian GoldCamps in respect of the Property; (b) amend the gross proceeds to be raised by Canadian GoldCamps pursuant to equity financings required to keep the Initial Option (as defined below) in good standing; and (c) amend the date by which Canadian GoldCamps is required to incur additional Expenditures in order to increase its interest in the Property to 70%. The total amount of Expenditures to earn the Initial Option and to increase its interest in the Property to 70% remain unchanged. Prior to entering into the Amended Agreement, Canadian GoldCamps made a non-refundable cash payment of $100,000 to F4 pursuant under a letter of intent dated February 13, 2024. Amended Terms of the Transaction In consideration for entering into the Amended Agreement, Canadian GoldCamps is required to make a non-refundable cash payment of $200,000 to F4 by December 31, 2024 (the \"Initial Payment Date\"). In order to acquire a 50% interest in the Property (the “Initial Option”), Canadian GoldCamps shall make additional and non-refundable cash payments to F4 in the aggregate of $600,000 according to the following schedule: (a) $150,000 on or before the date that is six (6) months after the Initial Payment Date; (b) $150,000 on or before the date that is twelve (12) months after the Initial Payment Date; (c) $150,000 on or before the date that is eighteen (18) months after the Initial Payment Date; and (d) $150,000 on or before the date that is twenty-four (24) months after the Initial Payment Date. To maintain the Initial Option in good...