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SOMA GOLD CORP. ANNOUNCES AGREEMENT TO OPTION TUCUMÃ PROPERTIES
SOMA GOLD CORP. ANNOUNCES AGREEMENT TO OPTION TUCUMÃ PROPERTIES Canada New...
About this update from Soma Gold Corp.
[{"type":"text","content":"\n \n \n \n SOMA GOLD CORP. ANNOUNCES AGREEMENT TO OPTION TUCUMÃ PROPERTIES\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n VANCOUVER, BC\n \n ,\n \n March 15, 2022\n \n /CNW/ -\n \n Soma Gold Corp.\n \n (the \"\n \n Company\n \n \" or \"\n \n Soma\n \n \") (TSXV: SOMA) (OTCQB: SMAGF\n \n )\n \n is pleased to announce that it has entered into a Property Option Agreement (the \"\n \n Agreement\n \n \") with Angra Metals Mineração Ltda. (\"\n \n Angra Metals\n \n \", and together with Soma the \"\n \n Optionors\n \n \") and Ero Copper Corp. (\"\n \n Ero\n \n \") pursuant to which the Optionors agreed to grant to Ero an option (the \"\n \n Option\n \n \") to purchase 100% of the legal and beneficial interest in the Tucumã Properties, located in the Carajás province in the State of Pará, Brazil (the \"\n \n Properties\n \n \").\n \n \n \n \n \n \n \n \n \n Pursuant to the Agreement, Ero can acquire a 100% interest in the Properties by paying to Soma up to\n \n US$6,450,000\n \n and incurring\n \n US$1,700,000\n \n in exploration expenditures across three phases as set out below:\n \n \n \n Cash payments:\n \n \n \n \n US$250,000\n \n on signing of the Agreement;\n \n \n \n US$100,000\n \n on or before five business days after\n \n September 6, 2023\n \n ; and\n \n \n \n US$100,000\n \n on or before five business days after\n \n September 6, 2024\n \n .\n \n \n \n Phased exploration expenditures:\n \n \n \n \n US$1,200,000\n \n on or before\n \n September 6, 2023\n \n ;\n \n \n \n US$250,000\n \n on or before\n \n September 6, 2024\n \n ; and\n \n \n \n US$250,000\n \n on or before\n \n September 6, 2025\n \n .\n \n \n \n Final option payment of\n \n US$6,000,000\n \n in cash or common shares in the event that Soma has exercised the Buy-Back Option (defined below), or\n \n US$3,000,000\n \n in cash or common shares in the event that Soma has failed to exercise the Buy-Back Option (as defined below), on or before\n \n September 6, 2025\n \n .\n \n \n \n Soma entered into a separate agreement with t...