Business
Roughrider Exploration Signs Option Agreement to Acquire Nevada Gold Project
VANCOUVER, BC / ACCESSWIRE / June 22, 2017 / Roughrider Exploration Limited (TSX-V: REL) ("Roughrider" or the "Company"). Further to its News Release dated Apri
About this update from Coast Copper Corp
[{"type":"text","content":"VANCOUVER, BC / ACCESSWIRE / June 22, 2017 / Roughrider Exploration Limited (TSX-V: REL) (\"Roughrider\" or the \"Company\"). Further to its News Release dated April 25, 2017, announcing that it had entered into a letter for an option to acquire the Iron Butte oxide gold-silver project located along the western margin of the Battle Mountain-Eureka Gold Trend in Lander County (the \"Iron Butte Project\"), the Company is pleased to announce that it has signed an Option Agreement (the \"Option Agreement\") granting it the right to acquire a 100% interest in the Iron Butte Project from an arm's length private vendor. Iron Butte Property Option Agreement Pursuant to the terms of the Option Agreement, Roughrider can earn a 100% interest in the Iron Butte Project by making a total of $1,000,000 USD in cash payments and issuing 1,500,000 common shares in Roughrider over 6 years, in accordance with the schedule set out in the table, below. If a production decision is made regarding Iron Butte, Roughrider will pay a further $1,000,000 USD and issue an additional 500,000 Roughrider common shares. The vendor will also receive a $500,000 USD payment for every 1,000,000 ounces of gold production and $500,000 USD payment for every 10,000,000 ounces of silver production at Iron Butte. The vendor will also retain a 2.5% NSR subject to buy-down provisions of $1,000,000 USD for the first 1% and $1,000,000 USD for an additional 0.5% (together, the \"Repurchase Payments\") until the sixth (6th) anniversary of the date of the Option Agreement. After the sixth anniversary of the Option Agreement, the Repurchase Payments shall be adjusted for inflation as reflected by the United States Federal Consumer Price Index. From the date on which the option is fully exercised until the commencement of commercial production on the Iron Butte Project, the Company will pay the vendor advance royalty payments of $2,000 per month. All Roughrider shares issuable under the transaction will be subject to a hold period of four months and one day from the date of issuance. Cash (USD) Common Shares Non-refundable cash deposits paid prior to signing Option Agreement $10,000 Nil Within 5 Days of TSX-V Approval of Definitive Agreement $15,000 75,000 1st Anniversary of TSX-V Approval $50,000 125,000 2nd Anniversary of TSX-V Approval $75,000 200,000 3rd Anniversary...