Business
Corona and Laramide extend Final Payment Date of Thunder Lake Transaction
Corona Gold Corporation - CRG on the TSX Laramide Resources Ltd. - LAM on the TSX TORONTO, March ...
About this update from Crossroads Gold Corp.
[{"type":"text","content":"\n\n\n\nCorona Gold Corporation - CRG on the TSX\n\n\nLaramide Resources Ltd. - LAM on the TSX\n\n\nTORONTO, March 19 /CNW/ - Corona Gold Corporation (CRG-TSX, "Corona") and\nLaramide Resources Ltd. (LAM-TSX, "Laramide") announce that they have agreed\nto extend the date of the final cash payment of the purchase price payable to\nCorona and Teck Cominco Limited ("Teck Cominco") under the terms of a certain\nPurchase Agreement dated September 24, 2007 (the "Agreement"). As previously\nannounced on October 4, 2007, Laramide purchased, through its wholly-owned\nsubsidiary, Treasury Metals Inc. (formerly, Divine Lake Exploration Corp.)\n("Treasury Metals") 100% of Corona's and Teck Cominco's respective interests\nin the Thunder Lake West, Thunder Lake East and certain adjacent properties in\nand around Dryden, Ontario (collectively the "Thunder Lake Properties").\n\n\nUnder the terms of the Agreement, Corona and Teck Cominco were to receive\na final cash payment of $6,137,229 on or before February 3, 2008 which was\nsubsequently extended. The Agreement has been amended to extend the date for\nthe final cash payment to April 30, 2008 upon which Corona will receive\n$5,000,000 and Teck Cominco will receive $1,137,229, as well as certain\nextension fee payments totalling up to an aggregate of approximately $128,000.\nIn addition, Corona and Teck Cominco will receive in the aggregate 12.27% of\nthe common shares of Treasury Metals issued and outstanding on completion of a\ntransaction pursuant to which Treasury Metals becomes a public company. If\nsuch a transaction is not completed by April 30, 2008, Corona and Teck Cominco\nhave the option of requiring Laramide to issue to Corona and Teck Cominco\ncommon shares of Laramide with a market value of $6,135,000 ($5,000,000 to\nCorona and $1,135,000 to Teck Cominco) in-lieu of their respective interests\nin Treasury Metals.\n\n\nCorona's sale of its interest in the Thunder Lake Properties and its\ncontinuing investment in Treasury Metals are consistent with Corona's stated\nintention to maximize the value of its existing properties and to explore new\nresource-based exploration and investment initiatives. Laramide's completion\nof this acquisition will form the basis of the intention expressed in the\nLaramide announcement of April...