Business
Jessy Ventures Completes Qualifying Transaction and Name Change to Generation Gold
Vancouver, British Columbia – December 21, 2022: Generation Gold Corp. (formerly, Jessy Ventures Corp.) (TSX-V: GEN) (the "Company"), is pleased to announce tha
About this update from Generation Uranium Inc Class A
[{"type":"text","content":"Vancouver, British Columbia – December 21, 2022: Generation Gold Corp. (formerly, Jessy Ventures Corp.) (TSX-V: GEN) (the \"Company\"), is pleased to announce that it has completed its previously announced \"Qualifying Transaction\" (the \"Transaction\"), with the result that the Company is now a Tier 2 resource issuer under the policies of the TSX Venture Exchange (the \"Exchange\"). Trading in the common shares of the Company is expected to begin on the Exchange under the Company's new name \"Generation Gold Corp.\" and new stock symbol \"GEN\" on or about December 28, 2022. Pursuant to the arm’s length mineral property option agreement (the \"Definitive Agreement\") with Origen Resources Inc. (\"Origen\"), the Company has been granted the exclusive right and option (the \"Option\") to acquire an undivided 60% interest in and to Origen’s \"Arlington Property\", consisting of five (5) mineral claims covering approximately 1,571.65 hectares, located approximately 17 km north of Beaverdell and 67 km south of Kelowna within the Arrow Boundary District of south-central British Columbia (the \"Property\"). In order to maintain the Option in good standing and to exercise the Option, the Company must satisfy the following remaining requirements over a three year period: making aggregate cash payments of $175,000 to Origin; issuing an aggregate of 1,800,000 common shares to the Optionor; and making an aggregate of $750,000 in exploration expenditures on the Property; and granting Origin a 1.5% NSR on the Property (with the right to repurchase 1.0% of the NSR from Origen for $1,000,000, leaving Origin with a 0.5% NSR). In connection with the closing of the Transaction, the Company paid the $110,000 of costs related to Origen’s previously completed exploration program in cash and common shares, by issuing 900,000 common shares of the Company (at a deemed price of $0.10 per common share) and paying $20,000 in cash to Origen. In addition, pursuant to the Definitive Agreement, the Company issued an additional 200,000 common shares to Origen. Private Placement In connection with the Transaction, the Company completed a non-brokered private placement (the \"Private Placement\") of units of the Company (each, a \"Unit\") at a price of $0.10 per Unit for gross proceeds of $380,000. Each Unit consists of one common share...