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Emergent Metals Completes Sale of its East-West Property, QC to O3 Mining Inc.
VANCOUVER, BC / ACCESSWIRE / May 3, 2022 / Emergent Metals Corp. (TSXV:EMR)(OTCQB:EGMCF)(FRA:...
About this update from Emergent Metals Corp
[{"type":"text","content":"Emergent Metals Completes Sale of its East-West Property, QC to O3 Mining Inc.VANCOUVER, BC / ACCESSWIRE / May 3, 2022 / Emergent Metals Corp. (TSXV:EMR)(OTCQB:EGMCF)(FRA:EMLM)(BSE:EMLM) (\"Emergent\" or the \"Company\") announces it has completed the sale of its East-West Property, Quebec to O3 Mining Inc. (\"O3\") (TSXV: OIII)(the \"Transaction\") previously announced in a March 15, 2022, press release.As consideration for the acquisition of Emergent's interest in the East West Property, O3 has:Paid to Emergent cash consideration of C$750,414.25 at closing; issued to Emergent an aggregate of 325,000 common shares in the capital of O3 (the \"Share Consideration\") at closing; and granted to Emergent a 1% net smelter returns (\"NSR\") royalty over the East West Property in favour of Emergent (the \"Royalty\"), which shall be subject to a buy-back right in favour of O3 (the \"Buy-Back Right\"), whereby O3 may elect to buy back the Royalty for: (i) C$500,000 if the Buy-Back Right is exercised within the first three years from the date of the Definitive Agreement (as defined herein); (b) C$1,000,000 if the Buy-Back Right is exercised within the fourth and fifth years from the date of the Definitive Agreement.For greater certainty, subsequent to the fifth anniversary date of the Definitive Agreement for the Transaction, the Royalty will no longer subject to the Buy-Back Right.The East-West Property consists of 7 mining claims covering an area of 184 hectares, located in the Val d'Or Mining Camp adjacent to and east of O3 Marban Property. O3 is in the process of completing a Pre-Feasibility Study on the Marban Property with the goal of bringing the property into production.About EmergentEmergent is a gold and base metal exploration company focused on Nevada and Quebec. The Company's strategy is to look for quality acquisitions, add value to these assets through exploration, and monetize them through sale, joint ventures, option, royalty, and other transactions to create value for our shareholders (acquisition and divestiture (A&D) business model).In Nevada, Emergent's Golden Arrow Property, the core asset of the Company, is an advanced stage gold and silver property with a well-defined measured and indicated resource. New York Canyon is a base metal property subject to an Earn-in with Option to Joint Venture Agreement with Kennec...