Business
Ophir Gold Receives Approval for Option on Radis Property
Vancouver, British Columbia--(Newsfile Corp. - January 18, 2023) - Ophir Gold Corp.  (TSXV: ...
About this update from Ophir Metals Corp
[{"type":"text","content":"Ophir Gold Receives Approval for Option on Radis PropertyVancouver, British Columbia--(Newsfile Corp. - January 18, 2023) - Ophir Gold Corp. (TSXV: OPHR) (OTCQB: KPZIF) (FSE: 80M) (the \"Company\" or \"Ophir\") is pleased to announce that further to its news releases of December 12, 2022, the TSX Venture Exchange has approved its option (the \"Option\") to acquire a 100% legal and beneficial interest in the Radis Property (the \"Property\"), located approximately 70 km east-northeast of Wemindji, Quebec, pursuant to an arm's length option agreement (the \"Option Agreement\") with Eastmain Resources Inc. (the \"Optionor\").Pursuant to the Option Agreement, the Company may exercise the option upon: (i) the issuance of an aggregate of 5,000,000 common shares (the \"Common Shares\") in the capital of the Company; and (ii) pay an aggregate of $375,000 in cash payments to the Optionor (the \"Option Payments\"). The Company may at any time, accelerate the exercise of the Option by making all required Option Payments prior to the third anniversary of the Option Agreement. In the event that the Company exercises the Option in full and acquires the Property, the Company will grant a 2% net smelter returns royalty (the \"NSR\") to the Optionor. The Company has the option to buy back 1.5% of the NSR, at any time, for consideration of $1,500,000.In addition, further to its press release dated December 23, 2022, the Company wishes to advise that the flow-through private placement (the \"Offering\") constituted a \"related party transaction\" as defined in Multilateral Instrument 61-101 - Protection of Minority Securityholders in Special Transactions (\"MI 61-101\"), as certain insiders of the Company subscribed for an aggregate of 200,000 flow-through units. The Company is relying on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(b) and 5.7(1)(a) of MI 61-101, as the Company is not listed on a specified market and the fair market value of the participation in the Offering by insiders does not exceed 25% of the market capitalization of the Company, as determined in accordance with MI 61-101. A copy of the material change report with respect to the Offering dated December 30, 2023 can be found on the Company's SEDAR profile at www.SEDAR.com. About the Compan...