Business
Golden Goose signs option to sell its Lac Levac nickel property
MONTREAL, Aug. 12 /CNW Telbec/ - Golden Goose Resources Inc. (TSX-V: GGR) (the "Company") is plea...
About this update from Golden Goose Resources Corp.
[{"type":"text","content":"\n\n\n\nMONTREAL, Aug. 12 /CNW Telbec/ - Golden Goose Resources Inc. (TSX-V: GGR)\n(the "Company") is pleased to announce that it has granted Exploration Nemaska\nInc. ('Nemaska') an option to purchase its Lac Levac Properties. The option\nwas granted for a non-refundable consideration of $150,000 paid in cash and\nexpires on December 31, 2009.\n\n\nNemaska is currently in the process of raising funds and intends to\ncomplete an initial public offering before year-end. If exercised, the option\nwill entitle Nemaska to purchase the Lac Levac Properties for a consideration\nof $2,850,000 payable, in addition to the initial payment of $150,000, by way\nof a $2,000,000 cash payment and the issue of $850,000 in shares of Nemaska at\nthe IPO price. Nemaska will also grant one warrant per share issued, each\nwarrant entitling Golden Goose to purchase one share at a 20% premium over the\nIPO price for two years. Golden Goose will also appoint a representative to\nthe board of Nemaska and will retain a 2% net smelter royalty ("NSR"), of\nwhich a 1% NSR can be repurchased by Nemaska for $1,000,000 for the first\nthree years. The option agreement contains certain break fees payable to\nNemaska in certain circumstances. The transaction is subject to the approval\nof the TSX Venture Exchange and to other standard conditions.\n\n\nFrancois Perron, President and CEO comments "Given our commitment to\nfocus on our gold resource at the Magino Project, this agreement is timely and\nallows Golden Goose to redeploy resources for the development of our gold\nproject. If the option is exercised, our equity in Nemaska and royalty on the\nproperty will allow us to continue to participate in the future of the Lac\nLevac property. The Lac Levac project will benefit from an enhanced land\nposition and focused exploration and development efforts by the management of\nNemaska".\n\n\nABOUT GOLDEN GOOSE RESOURCES\n\n\nGolden Goose Resources Inc. is a Canadian public company listed on the\nTSX Venture Exchange under the symbol GGR. The Company is principally engaged\nin mineral exploration and acquisition and has a portfolio of gold, platinum\ngroup metals, and nickel properties in Ontario and Quebec.\n\n\nThe TSX Venture Exchange has not reviewed and does not accept\nresponsibility for the adequacy or accuracy of this release.\n\...