South Atlantic Gold Announces the Closing of the Big Kidd Option Agreement

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[{"type":"text","content":"South Atlantic Gold Announces the Closing of the 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 \n \n \n \n \n \n \n \n \n \n Kelowna, British\nColumbia -\n \n \n \n \n TheNewswire -\n \n \n \n \n September 26, 2023 -\n \n \n \n \n South\nAtlantic Gold Inc.\n \n \n \n \n (TSX-V: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 ) announces the\nclosing of the previously announced property option agreement dated\nNovember 4, 2022 and subsequent first  and second amendments dated\nJanuary 4, 2023 and March 3, 2023 (collectively the “\n \n \n Option Agreement\n \n \n ”)\nwith\n \n \n Quetzal Copper Limited (“\n \n \n Quetzal Copper\n \n \n ”)\n \n \n to divest the Company’s 100%\ninterest in the Big Kidd Project.\n \n \n \n \n Quetzal Copper has completed the Qualifying Financing\nand paid the remaining balance of the Commitment Amount of\nCDN$130,000.\n \n \n \n \n Quetzal Copper is new copper exploration company\nfocused in British Columbia and Mexico with a portfolio of drill ready\nprojects.  It is currently completing an amalgamation with TSX\nVenture listed Ankh Capital Inc. (TSX-V: ANKH).\n \n \n \n \n The remaining terms of the Option\ninclude:\n \n \n \n \n \n \n CDN$200,000 per year on or before the\n \n \n 1st, 2nd, 3rd and 4th anniversary\n \n \n commencing January 4, 2024;\n \n \n \n \n \n \n At the 5-year anniversary of the signing, Quetzal\nCopper will make a cash payment of CDN$350,000 or if Quetzal Copper is\npublicly listed on a recognized stock exchange in North America it may\nelect to issue common shares with a market value of CDN$350,000 to\nSouth Atlantic;\n \n \n \n \n \n \n \n \n Further Milestone payments\n \n \n \n \n \n \n Following the completion of 40,000 meters of drilling\nat Big Kidd, Quetzal Copper will make a payment of CDN$300,000 in cash\nor shares, at its election (if listed on a recognized stock exchange\nin North America);\n \n \n \n \n \n \n Following the filing of a Pre-Feasibility Study on Big\nKidd, Quetzal Copper will make a cash payment of CDN$1,200,000 in cash\nor shares, at its election (if listed on a recognized stock exchange\nin North America);\n \n \n \n \n \n \n Following the filing of a Feasibi...

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