Business
Precipitate Delivers Final Option Payment to Acquire 100% Interest in Juan de Herrera Project
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec. 14, 2016) - Precipitate Gold Corp. (the "Company" or "Precipitate") (TSX VENTURE:PRG) is pleased to announce it
About this update from Precipitate Gold Corp.
[{"type":"text","content":"VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec. 14, 2016) - Precipitate Gold Corp. (the \"Company\" or \"Precipitate\") (TSX VENTURE:PRG) is pleased to announce it has delivered the final payment of cash and common shares to 0945044 BC Ltd (the \"Vendor\") to complete the Purchase Agreement on the Company's Juan de Herrera project in the Dominican Republic. The final payment consisted of C$75,000 and 1.0 million common shares of the Company payable to the Vendor. The common shares issued as part of this payment are subject to a hold period expiring April 14, 2017. The delivery of the latest payment, combined with previously completed payments and work commitments completes the underlying obligations and earns the Company a 100% interest in the optioned concessions, subject to a 3% net smelter royalty (\"NSR\") payable to the Vendor. In completing the purchase, the Company has paid the Vendor a total of C$300,000, issued 3,517,242 common shares of the Company, and fulfilled its requirement to incur a minimum C$1.0 million in exploration expenditures during the term of the agreement (see the Company's news release dated August 16, 2012). The Juan de Herrera project consists of eight concessions covering an estimated 12,746.28 hectares. The completed option agreement pertains only to two (2) of the project concessions, the Juan de Herrera and Los Pinalitos concessions comprising approximately 7,906.32 hectares of the project. The six (6) additional concessions making up the balance of the project were added by the Company directly via staking and are therefore controlled 100% by the Company free of any underlying purchase agreement or NSR. Precipitate's President & CEO, Jeffrey Wilson stated, \"We are pleased to have fulfilled our obligations to complete the acquisition of the core ground at our Juan de Herrera project and take 100% ownership of these key concessions. We thank the Vendors for their cooperation in working with the Company during predominantly difficult market conditions, to complete a mutually beneficial transaction. With this option satisfied, the Company is now in the enviable position of having no obligatory work commitments or underlying property payment obligations on any of its assets, giving management full discretion over the current treasury and budget allocations going into 2017.\" Additional informat...