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Jayden Enters Into Option to Acquire the Storm Lake Gold Property
(TheNewswire) Vancouver, B.C. - TheNewswire - February 17, 2021; Jayd...
About this update from Jayden Resources Inc
[{"type":"text","content":"Jayden Enters Into Option to Acquire the Storm Lake Gold Property\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n Vancouver, B.C. -\n \n \n TheNewswire -\n \n \n February 17, 2021; Jayden Resources Inc.\n(JDN:TSXV)\n \n \n (OTC:PNMLF)\n \n \n (“Jayden” or\nthe “Company”)\n \n \n announces that\n \n \n subject to TSX Venture Exchange (“TSXV”) approval, the\nCompany has entered into a property option agreement with three\narm’s length vendors (the “Optionors”) to acquire a 100%\ninterest in the Storm Lake Gold Property (the “Property”) located\nin the Frotet-Evans Greenstone Belt in central Quebec.\n \n \n \n \n Under the terms of the agreement, Jayden can acquire a\n100% interest in the Property by making cash and share payments to the\nOptionors totaling $750,000 and 6,600,000 post-consolidation common\nshares respectively (see Company news dated February 10, 2021 for\ninformation on the 3 for 1 consolidation).\n \n \n \n \n Upon TSXV approval of the transaction (the “Effective\nDate”), the Company will pay $200,000 and issue 2,200,000 shares to\nthe Optionors. On the nine (9) month anniversary of the Effective Date\nan additional 2,200,000 shares will be issued. On the fifteen (15)\nmonth anniversary of the Effective Date an additional $300,000 and\n2,200,000 shares; and on the thirty (30) month anniversary of the\nEffective Date a further $250,000.\n \n \n \n \n Jayden must also incur $3,000,000 in exploration\nexpenditures on the Property over the course of 3 years by spending\nnot less than $150,000 on or before the 12-month anniversary of the\nEffective Date; a further $1,350,000\n \n \n on or\nbefore the 24-month anniversary of the Effective Date; and a further\n$1,500,000\n \n \n on or before the 36-month anniversary\nof the Effective Date. The Optionors will retain a 2.5% net smelter\nroyalty on the Property\n \n which\n \n may be reduced at\nany time to 1.5% by paying the Optionors $1,500,000.\n \n \n \n \n Jayden also agreed\n \n \n that should a\nfuture independent technical report, prepared in accordance with\nNational Instrument 43-101 standards, confirm the existence of a\nmineral resource on the Property containing at least 500,000 ounces of\ngold in the measured and indicated categories that it will pay the\nOptionors a pay...