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Sky Gold Corp. Completes Acquisition of Star Lake, Horne and Laurier Properties in Northwestern Ontario
VANCOUVER, BC / ACCESSWIRE / May 2, 2023 / SKY GOLD CORP. ("Sky" or the "Company") (TSXV:SKYG) (...
About this update from Sky Gold Corp.
[{"type":"text","content":"Sky Gold Corp. Completes Acquisition of Star Lake, Horne and Laurier Properties in Northwestern OntarioVANCOUVER, BC / ACCESSWIRE / May 2, 2023 / SKY GOLD CORP. (\"Sky\" or the \"Company\") (TSXV:SKYG) (US:SRKZF) is pleased to announce that the TSX Venture Exchange has accepted for filing with respect to its previously announced arm-length acquisitions of the Star Lake, Horne and Laurier properties located in northwestern Ontario.Star Lake Property:As previously announced in the Company's March 23, 2023 news release, the Company will issue 1,250,000 shares, pay $225,000 in cash to the vendors and incur exploration expenditures of $1,000,000 over a 4-year period. The Company will additionally grant a 2.0% NSR to the vendors of which 0.5% can be bought back from the vendors before the 5th anniversary date for the sum of $500,000. The remaining 1.5% of the NSR can be bought back from the vendors before the 10th anniversary for the sum of $2,500,000. Advanced royalty payments of $20,000 are due annually to the vendors on each anniversary from, at minimum, the 5th year until the 10th year of the agreement.This is an arm's-length acquisition and there are no finder's fees associated with this acquisition.Horne and Laurier Properties:As previously announced in the Company's April 12, 2023 news release, the terms for each acquisition are identical and Company will issue 1,000,000 shares and pay $225,000 in cash for each property to the vendors and incur exploration expenditures of $800,000 over a 4-year period on each of the properties. The Company will additionally grant a 2.0% NSR to the vendors of which 1.0% can be bought back from the vendors before the 5th anniversary for $500,000. The remaining 1.0% of the NSR can be bought back before the 10th anniversary, for the sum of $2,500,000. Advance Royalty Payments of $20,000 are due annually on each anniversary from, at minimum, the 7th year to the 10th year of the agreement.These are arm's-length acquisitions and there are no finder's fees associated with these acquisitions.ON BEHALF OF THE BOARD\"Mike England\" Mike England, CEO, PRESIDENT & DIRECTORFOR FURTHER INFORMATION PLEASE CONTACT:Telephone: 1-604-683-3995Toll Free: 1-888-945-4770Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept...