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Roughrider Receives Exchange Approval for Empire Mine Property Option Agreement
Roughrider Receives Exchange Approval for Empire Mine Property Option Agreement ...
About this update from Coast Copper Corp
[{"type":"text","content":"RoughriderOptionAgrmt\n \n \n \n Roughrider Receives Exchange Approval for Empire Mine Property Option Agreement\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n VANCOUVER, BC, Oct. 8, 2020\n \n \n \n \n \n TSX.V: REL\n \n \n \n \n VANCOUVER, BC\n \n ,\n \n Oct. 8, 2020\n \n /CNW/ -\n \n Roughrider Exploration Limited\n \n (TSX-V: REL)\n \n (\"Roughrider\" or the \"Company\")\n \n is pleased to announce it has received final approval from the TSX Venture Exchange (the \"TSX-V\") for the Empire Mine property transaction (\"\n \n Empire Option Agreement\n \n \"), which was previously announced on\n \n September 24, 2020\n \n .\n \n \n Pursuant to the terms of the Empire Option Agreement, Roughrider can acquire a 100% interest in the Empire Mine property from Mirva Properties Ltd. (the \"\n \n Optionor\n \n \") by making aggregate cash payments of\n \n $1,250,000\n \n , issuing 3,000,000 common shares of the Company and undertaking work commitments totaling\n \n $2,000,000\n \n over a five year period.\n \n \n Roughrider has made an initial cash payment of\n \n $50,000\n \n and has issued 200,000 common shares of the Company to the Optionor, the shares of which will be subject to a hold period expiring four months and one day from the date of issuance.\n \n \n The Optionor will retain a 2% Net Smelter Return (\"\n \n NSR\n \n \") royalty on the Empire Mine property of which 1% may be purchased for\n \n $1,000,000\n \n at any time up to 120 days after commencement of commercial production. The Empire Option Agreement has been structured such that this NSR royalty plus all other NSR royalties which may currently exist and be payable on the Empire Mine property do not exceed in aggregate 2.5% before buydowns.\n \n \n \n About Roughrider Exploration Limited\n \n \n Roughrider's current exploration focus is on the Empire Mine property located on Northern Vancouver Island, B.C. and covers three past-producing open pit mines and two past-producing underground mines that produced iron, copper, gold and silver. Roughrider's other properties include...