Business
Iconic Disposes of its Interest in the Hercules Project, Nevada
Vancouver, British Columbia--(Newsfile Corp. - August 9, 2019) - Iconic Minerals Ltd. (TSXV...
About this update from Iconic Minerals Ltd
[{"type":"text","content":"Iconic Disposes of its Interest in the Hercules Project, NevadaVancouver, British Columbia--(Newsfile Corp. - August 9, 2019) - Iconic Minerals Ltd. (TSXV: ICM) (OTC Pink: BVTEF) (FSE: YQGB) (\"Iconic\" or the \"Company\") announces that it has entered into an agreement dated August 9, 2019 (the \"Hercules Option Agreement\") with Great Basin Resources Inc. (\"Great Basin\"), Eclipse Gold Mining Corporation (\"Eclipse\") and Hercules Gold USA, LLC (\"HGU\"), a subsidiary of Eclipse, in respect of the Hercules gold property located in Lyon County, Nevada (the \"Hercules Project\"). Iconic currently holds an option (the \"Existing Option\") from Great Basin to acquire a 100% interest in the Hercules Project, and it owns certain exploration data relating to the Hercules Project (the \"Existing Data\"). Pursuant to the Hercules Option Agreement, Iconic will terminate the Existing Option and a revised minerals lease agreement assigned to Iconic by way of assignment dated October 4, 2013 (the \"Lease\") and transfer to HGU the Existing Data (the \"Data Transfer\").In consideration for the Data Transfer and the termination of the Existing Option and the Lease, Eclipse will: make a cash payment to Iconic in the sum of CAD $325,000 within five business days of the execution of the Hercules Option Agreement; andissue to Iconic up to an aggregate of 4 million common shares in the capital of Eclipse (\"Eclipse Shares\") as follows:1 million Eclipse Shares on the date which is 10 days immediately following the date on which Eclipse's shares become listed on a public stock exchange or stock quotation system (the \"Listing Date\"); and1 million Eclipse Shares on each of the first, second, and third anniversary dates of the Listing Date.Under the terms of the Hercules Option Agreement Great Basin has granted an option (the \"HGU Option\") to HGU under which HGU must complete certain exploration expenditures over a three year period and make cash payments to Great Basin.In the event that HGU fails to exercise the HGU Option in accordance with the Hercules Option Agreement, Iconic may elect to receive an assignment of HGU's rights and benefits under the Hercules Option Agreement and to assume certain of HGU's remaining obligations under the Hercules Option Agreement as may be outstanding at such time. The term of the HGU Option is the earlier of ...