Business
Precipitate Options Reef Property (Yukon) to Golden Predator Mining
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb. 13, 2017) - Precipitate Gold Corp. (the "Company" or "Precipitate") (TSX VENTURE:PRG) is pleased to announce th
About this update from Precipitate Gold Corp.
[{"type":"text","content":"VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb. 13, 2017) - Precipitate Gold Corp. (the \"Company\" or \"Precipitate\") (TSX VENTURE:PRG) is pleased to announce that it has entered into a mineral Property Option Agreement (the \"Agreement\") with Golden Predator Mining Corp. (\"Golden Predator\") (TSX VENTURE:GPY) pursuant to which Golden Predator may acquire Precipitate Gold's 100% interest in certain mineral claims known as the Reef property located immediately adjacent to the northern boundary of Golden Predator's 3 Aces Project in the Upper Hyland River area of the southeast region of the Yukon Territory. Subject to Toronto Stock Exchange (TSXV) approval, the Option Agreement grants Golden Predator the exclusive right to earn a 100% interest in the Property by, among other things, completing staged payments totalling $1,050,00 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. Under the terms of the Agreement, to complete the acquisition Golden Predator must deliver the following payments: On the Closing Date: $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; On or before the date that is 12 months from the Closing Date: an additional $150,000 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 $2.00 per share; On or before the date that is 24 months from the Closing Date: an additional $200,000 in cash, that number of common shares of Golden Predator equal in value to $300,000 determined at a price per share equal to the greater of the Minimum Price and the 21-day VWAP as of such anniversary date (the \"24 Month Share Price\"), and 300,000 warrants exercisable into common shares of Golden Predator for a period of 3 years from the date of issuance with an exercise price per share equal to 150% of the 24 Month Share Price; and On or before the date that is 36 months from the Closing Date: an additional $300,000 in cash, that number of common shares of Golden Predator equal in value to $300,000 determine...