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Emgold Moves to Acquire 100% Interest in the Casa South Property, QC
(via TheNewswire) June 13, 2019 / TheNewswire / Vancouver, British Columbia - Emgol...
About this update from Emergent Metals Corp
[{"type":"text","content":"Emgold Moves to Acquire 100% Interest in the Casa South Property, QC(via TheNewswire)\n \n \n\n\nJune 13, 2019 / TheNewswire / Vancouver, British Columbia - Emgold Mining Corporation (TSXV: EMR) (\"Emgold\" or the \"Company\") announces it has completed an amendment (the \"Amendment\") to the definitive option agreement (the \"Option Agreement\") between Emgold and Greg Exploration Inc, and Affiliates (collectively referred to as the \"Vendors\") and has exercised its option, granted by the Amendment, to acquire a 100% interest in the Casa South Property, QC (the \"Property\"). \n\n \n\nThe Property comprises 180 active mining titles covering a total of 10,061 hectares (100 square kilometers). It is located immediately south of Hecla Mining Corporation's (\"Hecla\") (NYSE:HL) Casa Berardi Mine which has produced over 2.0 million recovered gold ounces since commencing production in 1988. Gold production at the Mine in 2018, reported in a February 21, 2018 news release by Hecla, was 162,744 ounces. Note that the presence of mineral resources and reserves found on the Casa Berardi Mine Property does not guarantee discovery or delineation of mineral resources and reserves on the Casa South Property.\n\n \n\nUnder the terms of the original Option Agreement, Emgold had the option to complete C$375,000 in payments (C$75,000 paid to date) over four years and complete C$1.6 million in exploration expenditures to acquire a 91% interest in the Property (see March 19, 2019 press release). Under the terms of the Amendment, in lieu of the remaining payments and work commitments above and in order to acquire a 100% undivided interest in the Property, Emgold shall have the option of issuing to Vendors an amount of 4,000,000 units from its share capital (the \"Compensation Units\"), each Compensation Unit being comprised of one common share (each a \"Compensation Share\") and one half of one common share purchase warrant (each a \"Compensation Warrant\"), each whole Compensation Warrant entitling the holder to acquire one (1) common share in the share capital of Emgold (each a \"Compensation Warrant Share\") at a price of $0.25 per Compensation Warrant Share for a period of twenty four (24) months from the date of issuance. \n\n \n\nCompensation Shares and Compensation Warrant Shares issued as a result of the Amendment will be subject to a four ...