Business
Valterra Completes Sale of Brazilian Assets to Pilar Gold Inc.
Vancouver, British Columbia--(Newsfile Corp. - October 25, 2021) - Valterra Resource Corporat...
About this update from Paradigm Gold Corporation
[{"type":"text","content":"Valterra Completes Sale of Brazilian Assets to Pilar Gold Inc.Vancouver, British Columbia--(Newsfile Corp. - October 25, 2021) - Valterra Resource Corporation (TSXV: VQA) (OTCQB: VRSCF) (\"Valterra\" or \"the Company\") has now completed the sale to Pilar Gold Inc. (\"Pilar Gold\") of Poconé Mining Mineração Ltda (\"PMM\"), which holds a 100% interest in the Lima gold property and a binding agreement to purchase a 100% interest in the Livramento gold property, both located in the Poconé Mining District, Brazil. The transaction has received TSX Venture Exchange approval. The terms of the transaction are:Valterra assigned to Pilar Gold all of its rights and obligations under a purchase agreement dated September 3, 2020 (the \"Purchase Agreement\"). The Purchase Agreement provided that Valterra would purchase all of the outstanding quotas of PMM, as previously announced in the Company's news release of September 4, 2020;Pilar Gold issued to Valterra 4,000,000 common shares in the capital of Pilar Gold at a deemed price of $0.60 per share representing a purchase price of $2,400,000 for 100% of Valterra's interest in the Purchase Agreement, subject to upward adjustment contingent upon the issue price of Pilar Gold's proposed IPO; Pilar Gold assumed the remaining acquisition payments for PMM's Livramento project of BRL15 million (plus index adjustments); Valterra issued to the PMM vendors 8,000,000 common shares and 8,000,000 share purchase warrants, each exercisable to purchase one common share of Valterra at $0.10 for 4 years pursuant to the terms of the Purchase Agreement; Valterra issued to the PMM vendors 4,500,000 common shares at a deemed price of $0.05 per share in settlement of the outstanding amount of $225,000 (US$180,000) in respect of consulting agreements compensation under the Purchase Agreement.Lawrence Page Q.C., President of Valterra Resource Corporation commented, \"Closing of the transaction with Pilar Gold is the culmination of an 18 month program by the Company to enter the prolific Brazilian gold exploration industry. Notwithstanding COVID-19 restrictions on travel, we were able to acquire rights to two properties and to fund bulk sampling of the Livramento property. As the requirement for substantial funding and retention of explorationist/miners became most difficult with COVID-19 travel re...