Business
South Atlantic Gold Announces 2nd Amendment to Big Kidd Option Agreement
(TheNewswire) Kelowna, British Columbia – TheNewswire - March 3, 2...
About this update from South Atlantic Gold, Inc.
[{"type":"text","content":"South Atlantic Gold Announces 2nd Amendment to Big Kidd Option Agreement\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Kelowna, British\nColumbia –\n \n \n \n \n TheNewswire -\n \n \n \n \n March 3, 2023 - SOUTH ATLANTIC GOLD INC.\n(TSXV:SAO)\n \n \n \n (“\n \n \n \n South Atlantic”\n \n \n \n or the “\n \n \n \n Company”\n \n \n \n ) reports today that\nit has entered into a further amendment effective February 28, 2023\n(the “\n \n \n Second\nAmendment\n \n \n ”) to the previously announced\nproperty option agreement dated November 4, 2022 and subsequent first\namendment dated January 4, 2023 (collectively the “\n \n \n Option Agreement\n \n \n ”)\nwith\n \n \n Quetzal Copper Limited (“\n \n \n Quetzal\n \n \n ”)\n \n \n to divest the Company’s 100% interest in the Big Kidd\nProject.\n \n \n \n \n Under the terms of the Second Amendment the Company has\nagreed to extend the terms of Quetzal completing a Qualifying\nFinancing on or before March 4, 2023 to May 29, 2023 (the\n“\n \n \n Extension”)\n \n \n .  Quetzal shall pay the Company an additional $20,000 on or\nbefore March 8, 2023 as consideration for the Extension.\n \n \n \n \n In the event Quetzal has not completed the Qualifying\nFinancing on or before the expiry of the Extension, under the terms of\nthe Second Amendment the parties have agreed to a further 60 day\nperiod for Quetzal to complete the Qualifying Financing wherein\nQuetzal shall pay to the Company an additional $10,000 per each 30 day\nperiod as further consideration.\n \n \n \n \n Under the terms of the Option Agreement, the remaining\nbalance of the $130,000 Commitment Amount due from Quetzal remains\nsubject to the completion of the Qualifying Financing.\n \n \n All other material terms and conditions of the Option\nAgreement remain unchanged.\n \n \n \n \n About South Atlantic Gold\n \n \n \n \n South Atlantic Gold is an exploration company engaged\nin acquiring and advancing mineral properties located in the Americas.\nOur flagship asset is the 100%-owned Pedra Branca project, located 280\nkm southwest of Fortaleza, Ceará State, Brazil. South Atlantic Gold\nis focused on creating value for its shareholders by engaging in the\ndevelopment and acquisitio...