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Tudor Gold Announces Agreements to Assume and Terminate Royalty Agreement to Buydown a 1.02 % Net Smelter Return on Key Claims on the Treaty Creek Property
Vancouver, British Columbia--(Newsfile Corp. - September 30, 2021) - Tudor Gold Corp. (TSXV: T...
About this update from Tudor Gold Corp.
[{"type":"text","content":"Tudor Gold Announces Agreements to Assume and Terminate Royalty Agreement to Buydown a 1.02 % Net Smelter Return on Key Claims on the Treaty Creek PropertyVancouver, British Columbia--(Newsfile Corp. - September 30, 2021) - Tudor Gold Corp. (TSXV: TUD) (FSE: TUC) (the \"Company\" or \"Tudor\" or \"Tudor Gold\") is pleased to announce that it has entered into a definitive agreement (the \"Assignment and Assumption Agreement\") with certain royalty holders (together, the \"Assignors\") to acquire the Assignors' right, title and interest in and to the Amended and Restated Purchase Agreement (the \"Royalty Agreement\") pursuant to which the Assignors held, among other rights, a 1.02 % net smelter return on certain key claims of the Treaty Creek Property and a 0.51 % net smelter return on the other claims of the Treaty Creek Property (the \"NSR\"). In consideration for the assignment and assumption of such rights, Tudor agreed to issue the Assignors an aggregate of 5,000,000 common shares in the capital of Tudor (the \"Consideration Shares\"). Half of such Consideration Shares shall be subject to the statutory four month and a day restriction on trading and the remaining half of such Consideration Shares shall be subject to a 10-month contractual restriction on trading. Pursuant to the terms of the Royalty Agreement, American Creek Resources Ltd. (\"American Creek\") also held certain buyback rights in respect of the NSR. Tudor is also pleased to announce it has entered into a termination agreement (the \"Termination Agreement\") with American Creek. Pursuant to the terms of the Termination Agreement, American Creek agreed to terminate the Royalty Agreement in its entirety in consideration for Tudor's issuance to American Creek of 100,000 common shares in the capital of Tudor (the \"Termination Shares\"). The Termination Shares shall be subject to the statutory 4 month and a day restriction on trading.The Termination Agreement and the Assignment and Assumption Agreement are subject to the approval of the TSX Venture Exchange.Walter Storm, President and CEO, stated: \"With Tudor Gold`s exploration success and the continuing expansion of the Goldstorm Deposit, the termination of the NSR is an important step to minimizing the potential royalties payable on the project.\"About Tudor GoldTUDOR GOLD Corp. is a precious and base metals expl...