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MinKap Resources Inc. Announces Receipt of TSX Venture Exchange Approval in Respect of the Breccia Gold and Lightning Tree Property Acquisition
Toronto, Ontario--(Newsfile Corp. - September 15, 2020) - MinKap Resources Inc. (TSXV: KAP)&#x...
About this update from Ophir Metals Corp
[{"type":"text","content":"MinKap Resources Inc. Announces Receipt of TSX Venture Exchange Approval in Respect of the Breccia Gold and Lightning Tree Property AcquisitionToronto, Ontario--(Newsfile Corp. - September 15, 2020) - MinKap Resources Inc. (TSXV: KAP) (\"MinKap\" or the \"Company\") is pleased to announce that further to its press release of July 6, 2020, the Company has received final approval of the TSX Venture Exchange (\"TSXV\") in respect of the proposed acquisition of the Breccia Gold property (the \"Breccia Gold Property\") and the contiguous Lightning Tree property (the \"Lightning Tree Property\" and together with the Breccia Gold Property, the \"Properties\"), both of which are located in Lemhi County, Idaho, USA (the \"Transaction\").The Transaction is being carried out in accordance with the terms of an arm's-length definitive mineral property acquisition agreement (the \"Purchase Agreement\") dated September 10, 2020, between the Company, DG Resource Management Ltd. (\"DGRM\") and Canarc Resource Corp. (\"Canarc\" and together with DGRM, the \"Vendors\") Pursuant to the Purchase Agreement, as consideration for acquiring a 100% interest and title in and to the Properties, MinKap will: (i) issue an aggregate of 2,500,000 common shares in the capital of the Company to each of the Vendors, issuable in tranches; (ii) issue an aggregate of 2,500,000 common share purchase warrants of the Company to each of the Vendors, issuable in tranches; (iiI) pay to the Vendors a cash payment equal to $275,000, payable over a period of three (3) years from the date on which the Company receives final approval from the TSXV in respect of the Transaction; (iv) grant in favour of DGRM a 2.5% net smelter returns royalty (the \"Breccia NSR\") in respect of the Breccia Gold Property, subject to the right and option of the Company to purchase 1% of the Breccia NSR for a price equal to $1,000,000; and (v) grant in favour of Canarc a 2.5% net smelter returns royalty (the \"Lightning Tree NSR\") in respect of the Lightning Tree Property, subject to the right and option of the Company to purchase 1% of the Lightning Tree NSR for a price equal to $1,000,000. Pursuant to the Purchase Agreement, MinKap shall, prior to the date (the \"Expiry Date\") that is thirty-six (36) months from the date on which MinKap receives an exploration drill permit in respect of th...