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Loyalist Exploration Completes the Definitive Agreement to earn a 100% Interest of Gold Rush Property, Timmins Mining District and Other Corporate Updates
Toronto, Ontario – TheNewswire – March 31, 2025 – Loyalist Exploration Limited. (CSE: PNGC) (“Loyalist” or the “Company”) is pleased to announce that has comple
About this update from Loyalist Exploration Limited
[{"type":"text","content":"Toronto, Ontario – TheNewswire – March 31, 2025 – Loyalist Exploration Limited. (CSE: PNGC) (“Loyalist” or the “Company”) is pleased to announce that has completed the definitive option agreement (the “Definitive Agreement”) for the Company to earn a 100% interest in the Gold Rush property (the “Gold Rush Property” or the “Property”), located approximately 30 kilometres (“km”) west of Timmins, Ontario from a prospector (the “Optionor”). The Property is composed of 41 contiguous mineral claims and is located within the “Timmins Gold Camp”. The Option Agreement Pursuant to the terms of the Option, Loyalist shall have the right to earn a 100% interest in the Property. In order to exercise the Option, Loyalist shall: a) pay to the Optionor aggregate cash consideration of $160,000 as follows: i. $12,500 due on April 14, 2025; ii. $12,500 due on April 28, 2025: iii. $35,000 on the first anniversary date of the Definitive Agreement; iv. $45,000 on the second anniversary date of the Definitive Agreement; v. $55,000 on the third anniversary date of the Definitive Agreement; b) issue to the Optionor an aggregate of 20,000,000 common shares (“Shares”) in the capital of Loyalist as follows: i. 3,500,000 Shares upon the execution of the Definitive Agreement (paid on closing); ii. 4,000,000 Shares on the first anniversary date of the Definitive Agreement; iii. 5,000,000 Shares on the second anniversary date of the Definitive Agreement; iv. 8,000,000 Shares on the third anniversary date of the Definitive Agreement; c) Complete total accumulated exploration expenditures on the Property in the amount of: i. $100,000 by the first anniversary date of the Definitive Agreement; ii. $300,000 by the second anniversary date of the Definitive Agreement; iii. $700,000 by the third anniversary date of the Definitive Agreement; d) grant to the Optionor a 2.0% net smelter returns royalty (the “NSR”) on the Property with an option for Loyalist to re-purchase 50% of the NSR (i.e 1.0% of the 2.0% NSR) at any time at a price of $1,000,000; and e) Grant to the Optionor a right of first refusal to perform exploration activities on the Property to be defined in the Definitive Agreement. The Loveland Project The Company also wishes to announce that the closing date of definitive agreement (the “Agreement”) between STLLR Gold Inc. and the Company has been exte...