Business
Quadro Options Its Staghorn Central Newfoundland Gold Property to TRU Precious Metals Corp.
Vancouver, British Columbia--(Newsfile Corp. - June 16, 2022) - Quadro Resources Ltd. ( TS...
About this update from Quadro Resources Ltd.
[{"type":"text","content":"Quadro Options Its Staghorn Central Newfoundland Gold Property to TRU Precious Metals Corp.Vancouver, British Columbia--(Newsfile Corp. - June 16, 2022) - Quadro Resources Ltd. (TSXV: QRO) (OTCQB: QDROF) (FSE: G4O2) (\"Quadro\" or the \"Company\") is pleased to announce that, subject to TSX Venture Exchange (the \"Exchange\") approval, it has signed an option agreement for the Staghorn property in Newfoundland and Labrador (the \"Property\") with TRU Precious Metals Corp. (\"TRU\"), giving TRU the option to acquire up to an aggregate 65% interest in the Property (the \"Staghorn Option\").THE STAGHORN OPTIONIn order for TRU to exercise the Initial Option of 51% interest in the Property, TRU shall make the following payments, shall cause the following shares to be issued and in the name of Quadro (the \"Purchase Price\") and shall incur an aggregate of $1,100,000 of exploration expenditures (subject to certain adjustments) (the \"Exploration Expenditures\"), including at least an aggregate of $660,000 worth of drilling activities on the Property (the \"Initial Drilling Commitments\") on or before the corresponding dates set forth below.The Initial Option:On three days following Exchange approval (the \"Effective Date\"): the issuance of $100,000 in TRU shares, such TRU shares to have a deemed issue price per TRU share equal to the greater of: (a) the VWAP of the TRU shares (VWAP meaning the volume-weighted average trading price of the TRU shares on the Exchange for the twenty previous consecutive trading days); and (b) the lowest discounted price permitted pursuant to the policies of the Exchange; On or before the one year anniversary of the Effective Date: (i) the payment of $25,000 in cash; and (ii) the issuance of a further $100,000 in TRU shares, such TRU shares to have a deemed issue price per TRU share equal to the greater of: (a) the VWAP of the TRU shares; and (b) the lowest discounted price permitted pursuant to the policies of the Exchange; and (iii) incur Exploration Expenditures of an aggregate of $200,000;On or before the two year anniversary of the Effective Date: (i) a further payment of $100,000 in cash; (ii) the issuance of a further $150,000 in TRU shares, such TRU shares to have a deemed issue price per TRU share equal to the greater of: (a) the VWAP of the TRU shares; and (b) the lowest discounted price permitt...