Business
Jayden Receives Approval for Storm Lake Acquisition
(TheNewswire) Vancouver, B.C. - TheNewswire - April 9, 2021 - Jayden ...
About this update from Jayden Resources Inc
[{"type":"text","content":"Jayden Receives Approval for Storm Lake Acquisition\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n Vancouver, B.C. -\n \n \n TheNewswire -\n \n \n April 9, 2021 - Jayden Resources Inc.\n(TSXV:JDN)\n \n \n (OTC:PNMLF)\n \n \n (“Jayden” or\nthe “Company”)\n \n \n announces that\n \n \n it has received approval from the TSX Venture Exchange\n(“TSXV”) to acquire a 100% interest in the Storm Lake Gold\nProperty (the “Property”) located on the Frotet-Evans Greenstone\nBelt in central Quebec.\n \n \n \n \n On February 17, 2021, the Company announced that it had\nentered into a property option agreement with three arm’s length\nvendors (the “Optionors”) to acquire a 100% interest in the\nProperty by making cash and share payments to the Optionors totaling\n$750,000 and 6,600,000 post-consolidation common shares respectively\n(see the Company’s news release dated February 10, 2021 for\ninformation on the 3 for 1 consolidation).\n \n \n \n \n Under the terms of the agreement, upon the Company\ncompleting the consolidation (the “Effective Date”), the Company\nwill pay $200,000 and issue 2,200,000 shares to the Optionors. On the\nnine (9) month anniversary of the Effective Date an additional\n2,200,000 shares will be issued. On the fifteen (15) month anniversary\nof the Effective Date an additional $300,000 and 2,200,000 shares; and\non the thirty (30) month anniversary of the Effective Date a further\n$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...