Leocor Gold Enters into Definitive Agreement to Acquire Hare Bay Resources Corp.

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[{"type":"text","content":"Vancouver, British Columbia - TheNewswire – December 24, 2020 - Leocor Gold Inc. (the “Company” or “Leocor”) (CSE:LECR) (Frankfurt:LGO) US (OTC:LECRF) is pleased to announce that it has entered into a definitive share exchange agreement (the “Definitive Agreement”) with Hare Bay Resources Corp. (“Hare Bay”), pursuant to which the Company will acquire 100% of the issued and outstanding common shares in the capital of Hare Bay (the “Hare Bay Shares”) in exchange for common shares of the Company (“Company Shares”) at a ratio of one Company Share for every one Hare Bay Share (the “Transaction”). Upon closing, it is expected that the Company will issue approximately 4,750,001 Company Shares to shareholders of Hare Bay. The Definitive Agreement replaces the letter of intent between the Company and Hare Bay with respect to the Transaction, which was announced in the Company’s news release dated December 4, 2020. Pursuant to the Definitive Agreement, as a condition precedent to closing the Transaction, Hare Bay, White Metal Resources Corp.  (“White Metal”) and the Company have entered into an assignment and assumption agreement (the “Assignment Agreement”) pursuant to which Hare Bay will assign to the Company its option (the “Option”) to acquire from White Metal, 70% of the approximately 6,847-hectare Star Trek Gold Project, located in Central Newfoundland (the “Project”). The Project, as more particularly described below, is located in the Gander Zone geological group, in rocks similar to those underlying New Found Gold Corp.’s Queensway Gold Project located approximately 25 km to the west. In order to exercise the Option, Leocor must: (1)  make $125,000 in cash payments to White Metal over two years, as follows: (1) $50,000 on or before October 5, 2021; and (2) an additional $75,000 on or before October 5, 2022;   (2) issue 866,666 Company Shares to White Metal over two years, as follows: (1) 133,333 within 5 days after closing of the Transaction; (2) an additional 300,000 on or before October 5, 2021; and (3) an additional 433,333 on or before October 5, 2022; and  (3) incur exploration expenditures of at least $900,000 over three years, as follows: (1) $150,000 on or before October 5, 2021; (2) an additional $250,000 on or before October 5, 2022; and (3) an additional $500,000 on or before October 5, 20...

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