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Blue Cove Capital Corp. Enters into Letter of Intent for Multiple Gold Properties in the Battle Mountain/Cortez Trends of North Central Nevada as Its Qualifying Transaction
Blue Cove Capital Corp. Enters into Letter of Intent for Multiple Gold Properties in the Battle M...
About this update from Centurion Minerals Ltd.
[{"type":"text","content":"\nBlue Cove Capital Corp. Enters into Letter of Intent for Multiple Gold Properties in the Battle Mountain/Cortez Trends of North Central Nevada as Its Qualifying Transaction\n\n\n Aug. 24, 2009 (Filing Services Canada) -- Blue Cove Capital Corp. (BCV.P - TSX Venture), announces that that it has entered into a letter of intent (the \"Letter of Intent\") dated August 18, 2009 with Golden Predator Mines (US) Inc. (\"Golden Predator US\") and Great American Minerals Inc. (\"GAM\" and together with Golden Predator US, the \"Vendors\") to acquire the Vendors' collective interest in certain mineral exploration properties located in the Battle Mountain and Cortez Trends of North Central Nevada, USA including the Modoc Project, UNR/Keystone Project, Trail Project and the Platte River Joint Venture Project (collectively, the \"Properties\") on the terms set out in the Letter of Intent (the \"Acquisition\"). The Acquisition would include the assignment of all of the Vendors' right, title and interest in the Properties as well as the obligations in certain underlying agreements to which the Properties are subject. The Acquisition is subject to TSX Venture Exchange (\"TSXV\") approval and is intended to constitute the Company's qualifying transaction and the Modoc Project to constitute Blue Cove's qualifying property under the policies of the TSXV. Under the Letter of Intent the parties have agreed to use commercially reasonable efforts to negotiate and settle by September 15, 2009 a definitive agreement (the \"Definitive Agreement\").Pursuant to the Letter of Intent as consideration for the Properties, the Definitive Agreement would provide that on closing the Company will pay to the Vendors an aggregate of US$1,000,000, issue to the Vendors an aggregate of 1,000,000 common shares (\"Shares\") and pay certain maintenance costs (\"Costs\") incurred by Golden Predator US estimated at US$104,000 coming due after the date of the Letter of Intent and before closing. The Vendors would also retain a 1.5% net smelter return royalty on the sale of all minerals produced from the Properties other than the Platte River Project, and a 0.75% net smelter return royalty on the sale of all minerals produced from the Platte River Project. As consideration for entering the Letter of Intent, Blue Cove has paid to the Vendors a CDN$25,000 non-refundable paymen...