Business
Emperor Metals Enters Into Agreement for the Assignment to Emperor Metals of Debt Owed and Security Interests Over Certain Mining Properties
Edmonton, Alberta--(Newsfile Corp. - December 2, 2021) - Emperor Metals Inc. (CSE: AUOZ) (the "Company" or "Emperor Metals") - the Company is pleased to announc
About this update from Emperor Metals, Inc.
[{"type":"text","content":" Edmonton, Alberta--(Newsfile Corp. - December 2, 2021) - Emperor Metals Inc. (CSE: AUOZ) (the \"Company\" or \"Emperor Metals\") - the Company is pleased to announce that it has entered into a binding letter agreement on November 30, 2021 (the \"Assignment Agreement\") with RIVI Opportunity Fund, L.P., and its general partner, RIVI Capital, LLC (collectively, \"RIVI\") to acquire all of the indebtedness payable by Golden Dawn Minerals Inc. (\"GDM\") to RIVI for loan advances from RIVI to GDM now totaling over US$8,183,804, plus additional accrued interest and other charges (the \"GDM Indebtedness\"). RIVI made loans to GDM for the development of GDM's Lexington and Golden Crown mining properties located in British Columbia (the \"Mining Properties\") pursuant to a gold purchase agreement dated December 23, 2016, as amended and certain promissory notes. As additional security for the payment of the GDM Indebtedness, GDM or its affiliates executed and delivered to RIVI, certain security documents (collectively, the \"Security Documents\"), including a mortgage of the undersurface rights of a portion of the Mining Properties, a mortgage of the surface rights of a portion of the Mining Properties, a general security agreement over all of the undertaking of GDM (including all of its other properties), and the guarantees of the GDM Indebtedness by GDM's two subsidiary corporations. GDM currently holds the mineral rights to more than 300 crown grants, legacy mineral claims, mining leases and regular mineral tenure claims totally more than 15,000 hectares (38,000 acres) in the Greenwood Copper-Gold district of south-central British Columbia, including the Lexington and Golden Crown Mining Properties, along with the fully permitted Zip Mill and tailings facility. GDM's lands are centered in the Greenwood area at the North end of both the Republic and Toroda grabens, which are host to numerous historical and recent producing mines within and at the edges of the grabens including gold-silver epithermal deposits and copper-gold-silver and gold -silver skarns that collectively have produced in excess of 7 million ounces of gold, 25 million ounces of silver and 600 million pounds of copper (Dufresne and Banas, 2013). Some of this historic production has come from GDM lands, but large portions of the historical production is from lands n...