Business
Precipitate Gold Receives 1st Anniversary Payment as Golden Predator Proceeds with Reef Property Option
VANCOUVER, British Columbia, Feb. 08, 2018 (GLOBE NEWSWIRE) -- Precipitate Gold Corp. (the “Company” or “Precipitate”) (TSXV:PRG) is pleased to announce Golden
About this update from Precipitate Gold Corp.
[{"type":"text","content":"VANCOUVER, British Columbia, Feb. 08, 2018 (GLOBE NEWSWIRE) -- Precipitate Gold Corp. (the “Company” or “Precipitate”) (TSXV:PRG) is pleased to announce Golden Predator Mining Corp. will proceed with its option to earn a 100% interest in Precipitate’s Reef property located immediately adjacent to the northern boundary of Golden Predator’s 3 Aces Project in the Upper Hyland River area of the Yukon Territory. See the Company’s news release dated February 13, 2017 or the Company’s website for full details of the agreement. In accordance with the terms of the agreement, in electing to maintain its option to earn a 100% interest in the Reef property, Golden Predator has delivered to Precipitate certain 1st anniversary payment obligations, including: $150,000 in cash 100,000 common shares of Golden Predator; and 100,000 warrants each exercisable for the purchase of an additional share of Golden Predator at an exercise price of $2.00 per share, exercisable for three years from issuance In February of 2017, Golden Predator delivered to the Company an initial payment of $400,000 in cash, 100,000 common shares of Golden Predator, and 100,000 warrants exercisable into common shares of Golden Predator for a period of 3 years from the date of issuance at an exercise price of $1.50 per share. Under the terms of the agreement, to complete the Option, Golden Predator must complete total staged payments $1,050,000 in cash, approximately $900,000 in Golden Predator common shares, and 800,000 three-year warrants exercisable for the purchase of additional Golden Predator shares. The common shares issued pursuant to this agreement will be subject to a four-month hold period in accordance with applicable securities laws. About Precipitate Gold:Precipitate Gold Corp. is a mineral exploration company focused on exploring and advancing its mineral property interests in the Tireo Gold Trend of the Dominican Republic. The Company also maintains assets in British Columbia and southeast Yukon Territory, including the Company’s Reef property located immediately adjacent to Golden Predator’s 3 Aces Project in the Upper Hyland River area. The Company has entered into an Option to Purchase Agreement with Golden Predator whereby Golden Predator can earn a 100% interest in the Reef claims by making certain staged payments in cash and shares and warrants. Pr...