GSP Resource Amends Option Agreement to Accelerate Acquisition of 100% Interest in Alwin Mine Copper-Silver-Gold Project

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[{"type":"text","content":"Vancouver, British Columbia – TheNewswire - January 8, 2025: GSP Resource Corp. (TSX-V: GSPR / FSE: 0YD) (the “Company” or “GSP”) announces that it has amended the Alwin Project option agreement (the “Option Agreement”) with Richard John Billingsley and S. Gaye Richards (the “Vendors”) dated January 30, 2020, as amended (see news releases dated January 30, 2020 and July 12, 2023), to accelerate the remaining payment obligations under the Option Agreement to acquire a 100% interest in the Alwin Copper-Silver-Gold Project (the “Alwin Project”) in southwestern British Columbia, Canada. The parties have agreed to amend the Option Agreement to replace $62,500 of the remaining $125,000 cash due to the Vendors on or before February 5, 2025 with 625,000 common shares of the Company (“Shares”) on or before February 5, 2025 at a deemed issuance price of $0.10 per Share. A remaining $62,500 in cash remains due to the Vendors on or before February 5, 2025. For clarity, the $50,000 cash payment due to the Vendors on or before February 5, 2024 was previously extended by one year by the parties. Additionally, the parties agreed to reduce the balance of the remaining Share payments by 1,000,000 Shares, such that an aggregate of 1,900,000 Shares remain issuable to the Vendor under the Option Agreement: (i) 900,000 on or before February 5, 2025; and (ii) 1,000,000 Shares on or before the earlier of a bankable feasibility study and February 5, 2028. The amendment agreement also confirms that the GSR Royalty, as defined and disclosed in the Company’s news release dated June 30, 2020, is removed from the Option Agreement in entirety. Furthermore, the amendment confirms that the three Crown Granted Mineral Claims (the “CGs”) owned by the Vendors that overlap with certain of the mineral claims comprising the Alwin Project as set forth in, and attached to, the first amendment agreement to the Option Agreement dated November 27, 2020, are deemed added to the Option Agreement as Schedule “A” thereto. The CGs are subject to a 2.5% net smelter royalty payable to Franklin Dean Miller. All Shares issued to the Vendors will be subject to a statutory hold period of four months and one date in accordance with applicable Canadian securities laws. The TSX Venture Exchange has approved the amendments disclosed herein. The Company intends to complete all remaining ...

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