Business
Newpath Resources Enters Option Agreement for Mineral Project in Ontario
Vancouver, British Columbia--(Newsfile Corp. - December 12, 2022) - Newpath Resources Inc. (CSE: PATH) (FSE: 0MZ0) (OTC Pink: RDYFF) (formerly Ready Set Gold Co
About this update from Newpath Resources Inc
[{"type":"text","content":" Vancouver, British Columbia--(Newsfile Corp. - December 12, 2022) - Newpath Resources Inc. (CSE: PATH) (FSE: 0MZ0) (OTC Pink: RDYFF) (formerly Ready Set Gold Corp.) (\"Newpath\" or the \"Company\") is pleased to announce that it has entered into an option agreement dated December 7, 2022 (the \"Agreement\") with arm's length parties (the \"Optionors\") under which the Company was granted the option to acquire a 100% interest in 949 unpatented mineral claims over approximately 204 square kilometers in northwestern Ontario (the \"Project\"). Under the terms of the Agreement, the Company has the option to acquire a 100% interest in the Project (the \"Option\") by paying all staking costs related to the Project; issuing an aggregate of 500,000 common shares of the Company to the Optionors on execution of the Agreement; and issuing an aggregate of 1,000,000 common shares of the Company to the Optionors on or before the first signing anniversary of the Agreement. If the Company exercises the Option, the Optionors will retain a 2% net smelter returns royalty (the \"Royalty\"), of which 25% may be purchased by the Company for $500,000 up until the fifth signing anniversary of the Agreement, and the remaining 75% of the Royalty may be purchased by the Company for $2,500,000 until the tenth signing anniversary of the Agreement. Additionally, the Company has agreed to make the following advanced royalty payments to the Optionors, starting on the sixth signing anniversary of the Agreement: $20,000 per year, between the sixth and tenth signing anniversaries; $40,000 per year, between the 11th and 20th signing anniversaries; and $500,000 as a one time payment on the 21st signing anniversary. These payments will be deducted from any Royalty payments. There is no exploration expenditure commitment contemplated in the Agreement. The Company has also agreed to pay a finder's fee of 500,000 common shares to an arm's length party for his contributions in securing the Agreement. All common shares issued in connection with the Agreement are subject to a four month hold period under applicable Canadian securities laws. About Newpath Resources Inc. Newpath Resources Inc. is a precious metals exploration company listed on the Canadian Securities Exchange under symbol PATH. The Company has a 100% interest of the Northshore Gold Property locat...