Business
Vior Provides An Update On Recent Property Transactions with Osisko Mining Inc.
MONTREAL, QC / ACCESSWIRE / November 14, 2022 / VIOR INC. ("Vior" or the "Corporation"), (TSX...
About this update from Vior Gold Corporation Inc.
[{"type":"text","content":"Vior Provides An Update On Recent Property Transactions with Osisko Mining Inc.MONTREAL, QC / ACCESSWIRE / November 14, 2022 / VIOR INC. (\"Vior\" or the \"Corporation\"), (TSXV:VIO)(OTCQB:VIORF)(FRANKFURT:VL51) is pleased to provide an update on recent property transactions with Osisko Mining Inc. (\"Osisko\") relating to the Blondeau-Guillet Property, announced on August 25, 2021, and the Skyfall Property announced on September 9, 2022.Blondeau-Guillet Property - BelleterreThe Corporation announces the issuance of 625,000 Vior common shares to Osisko, pursuant to the Option Agreement signed August 24, 2021, and amended as of August 24, 2022 (collectively, the \"Option Agreement\"), for the Blondeau-Guillet gold property (the \"Property\") in the Abitibi-Témiscamingue region of Quebec. The share issuance was approved by the TSX Venture Exchange (\"TSXV\") and is subject to a 4 month and one day hold period.The parties have amended the Option Agreement to provide for the maximum issuance of up to 789,474 common shares of the Corporation (the \"Shares\") at the Current Market Price (as defined below) per tranche of $75,000 payable to Osisko in shares over a three year period, and for a total amount of $225,000. This amendment also contemplates that should the maximum number of Shares to be issued in any period have a lesser value than $75,000, then Vior shall pay the full amount of the tranche in cash, and no Shares will be issued to Osisko. \"Current Market Price\" is defined in the amendment as the closing price of the common shares of Vior on the TSXV on the earlier of (i) the date the Shares are issued and (ii) the anniversary date of the Option Agreement.The parties have also agreed to extend the deadline to August 24, 2023, for Vior to complete the minimum work commitments totaling $250,000 before the first anniversary of the Option Agreement.Skyfall PropertyThe Corporation has completed the issuance of 107,142 Vior common shares to Osisko, to satisfy the purchase from Osisko of 83 claims covering approximately 4,682 hectares next to Vior's Skyfall project, as per the agreement announced on September 9, 2022 (the \"Acquisition Agreement\"). This share issuance was approved by the TSXV and is subject to a 4 month and one day hold period.The Option Agreement and Acquisition Agreement are each considered to be a \"related...