Business
HAWKEYE Amends Bonanza Property Agreement
VANCOUVER, BC / ACCESSWIRE / October 26, 2020 / HAWKEYE Gold & Diamond Inc. (the "Company...
About this update from Hawkeye Gold & Diamond Inc.
[{"type":"text","content":"\nHAWKEYE Amends Bonanza Property AgreementVANCOUVER, BC / ACCESSWIRE / October 26, 2020 / HAWKEYE Gold & Diamond Inc. (the \"Company\" or \"HAWKEYE\") (TSXV:HAWK)(Frankfurt:HGT) (WKN: A12A61 ISIN: CA42016R3027): is pleased to announce that it has entered into an Amendment No. 1 of Sale and Purchase Agreement (the \"Amending Agreement\") with the vendor of the Company's 100% owned Bonanza Property (the \"Property\") to amend certain terms of the original Sale and Purchase Agreement (the \"SAPA\") with the vendor dated January 16, 2017 (news release No. 261 - 2017). The 123.8 hectare Bonanza property is located approximately 110 kilometres northwest of Campbell River and 69 kilometres southeast of Port Hardy situated on the northern end of Vancouver Island, British Columbia, Canada.Under terms of the Amending Agreement, the vendor agreed to revise conditions relating to the area of interest and eliminate one of the two types of royalties payable to the vendor under terms of the SAPA relating to a $2.00 per tonne royalty from the production of magnetite from the Property. Royalties from the sale of magnetite will now be included in the 2% net smelter royalty (NSR) payable to the vendor from production of all minerals including magnetite from within, upon or under the Property. The Company has the right to purchase 1.5% of the NSR for $1,500,000 leaving the vendor with a 0.5% interest in the NSR. HAWKEYE will have first rights of refusal until October 14, 2030 to purchase the remaining 0.5% of the NSR.In consideration for these amendments the Issuer agreed to pay the vendor $3,750 in cash and issue 150,000 shares in the capital of the Company to the vendor within fifteen (15) days of TSX Venture Exchange acceptance for filing of the Amending Agreement. An additional 150,000 shares will be issued to the vendor upon the Company receiving a Preliminary Economic Assessment Report on the Property.The Amending Agreement is subject to regulatory approval and shares issued to the vendor will be subject to a four (4) month hold period from issuance.About HAWKEYEHAWKEYE Gold & Diamond Inc. is a junior mineral exploration and development company based in Vancouver, British Columbia, Canada. The Company's precious and base metals properties are located in the prolific Golden Triangle of northwest BC, in the world-class Barkerville gold...