Business
Great Pacific Gold to Sell Reedy Creek for $1 million Cash on Closing, $3 million Cash on Milestones and 6 million Shares of Canadian Issuer
Vancouver, British Columbia--(Newsfile Corp. - December 3, 2024) - Great Pacific Gold Corp. (TSXV...
About this update from Great Pacific Gold Corp.
[{"type":"text","content":"Great Pacific Gold to Sell Reedy Creek for $1 million Cash on Closing, $3 million Cash on Milestones and 6 million Shares of Canadian IssuerVancouver, British Columbia--(Newsfile Corp. - December 3, 2024) - Great Pacific Gold Corp. (TSXV: GPAC) (OTCQX: FSXLF) (FSE: V3H) (\"Great Pacific Gold,\" \"GPAC,\" or the \"Company\") announces that it has entered into a definitive agreement dated December 3, 2024 (the \"Agreement\") with Zincore Metals Corp. (\"Zincore\") for the purchase and sale of the Company's non-core Reedy Creek and Providence tenements (the \"Project\") in Victoria, Australia (the \"Transaction\"). All dollar figures are Canadian Dollars unless otherwise stated.HighlightsSale of EL 7052 and EL 7046, Reedy Creek and Providence tenements, to ZincoreGreat Pacific Gold to receive:$500,000 cash within 5 days of signing the Agreement (Dec 5, 2024);$500,000 cash on closing of the Transaction (\"Closing\") (expected by Apr 1, 2025);6 million shares in Zincore on Closing (expected by Apr 1, 2025);$1,000,000 cash on publishing of a NI 43-101 resource estimate with greater than one million ounces of gold and/or gold equivalent in Measured, Indicated and Inferred Resources, and $2,000,000 cash on commercial production of gold dore or concentrate from the tenements. \"The divestiture of Reedy Creek is In line with our strategy to focus our financial and technical efforts on our core projects including the Kesar and Wild Dog Projects in Papua New Guinea,\" stated Greg McCunn, CEO of Great Pacific Gold. \"The near-term cash infusion of $1 million provides non-dilutive financing for our 2025 exploration programs and we are pleased to transition Reedy Creek to a team of experienced company builders with a strong exploration crew in Victoria. Additionally, our 10% share holding in Zincore ensures we retain exposure to this prospective land package immediately north of Southern Cross's Sunday Creek Project.As we finalize the Reedy Creek divestment, we will continue to evaluate opportunities to monetize our other non-core assets in Australia.\"The Transaction is structured in the form of a share purchase of a newly created subsidiary holding the rights to the Project. The Agreement contains customary representations, warranties, covenants, indemnifications and conditions by Company and Zincore. The Zincore Shares issued to Great Pacif...