Business
Prosper Gold Enters into Definitive Agreement to Option Star Project to CAVU Mining
VANCOUVER, British Columbia, May 16, 2022 (GLOBE NEWSWIRE) -- Prosper Gold Corp. ("Prosper" or the "Company") (TSXV:PGX) is pleased to announce that it has ente
About this update from Prosper Gold Corp.
[{"type":"text","content":" VANCOUVER, British Columbia, May 16, 2022 (GLOBE NEWSWIRE) -- Prosper Gold Corp. (\"Prosper\" or the \"Company\") (TSXV:PGX) is pleased to announce that it has entered into a definitive option agreement (the “Option Agreement”) with CAVU Mining Corp. (“CAVU”) (CNSX: CAVU), a company incorporated under the laws of British Columbia, to grant CAVU the exclusive right and option to acquire Prosper’s 51% interest (the “Option”) in the Star Project located in the province of British Columbia (the “Transaction”). Under the terms of the Option Agreement, CAVU may exercise the Option by (i) issuing 1,250,000 common shares in the capital CAVU to Prosper on or before May 23rd, 2022, and (ii) making aggregate cash payments of $1,155,000 to Prosper as follows: $100,000 on or before May 23, 2022; and $285,000 on or before July 1, 2022; and $385,000 on or before May 23, 2023; and $385,000 on or before May 23, 2024. Should CAVU not exercise the Option in full, Prosper will have a 30-day period from the termination date of the Option to purchase CAVU’s 49% interest in the Star Project (the “Minority Interest”) for a lump sum cash payment of $500,000 subject to the terms of the Option Agreement. For a detailed overview of Prosper please visit www.ProsperGoldCorp.com ON BEHALF OF THE BOARD OF DIRECTORS Per: “Peter Bernier” Peter Bernier President & CEO For further information, please contact: Peter BernierPresident & CEOProsper Gold Corp.Cell: (250) 316-6644Email: [email protected] Unless otherwise specified, all dollar amounts used herein refer to the law currency of Canada. Certain information in this news release constitutes forward-looking statements under applicable securities law. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as “may”, “should”, “anticipate”, “expect”, “intend” and similar expressions. Forward-looking statements in this news release include, but are not limited to, statements with respect to the exercise of the Option. Forward-looking statements necessarily involve known and unknown risks, including, without limitation, the Company’s ability to ...