Business
Val-d'Or Mining Announces Strategic Partnership with Gold Royalty Corp.
Val-d'Or, Quebec--(Newsfile Corp. - December 2, 2022) - Val-d'Or Mining Corporation (TSXV: VZZ) (...
About this update from Val-d'or Mining Corporation
[{"type":"text","content":"Val-d'Or Mining Announces Strategic Partnership with Gold Royalty Corp.Val-d'Or, Quebec--(Newsfile Corp. - December 2, 2022) - Val-d'Or Mining Corporation (TSXV: VZZ) (\"Val-d'Or Mining\" or the \"Company\") is pleased to announce that it has entered into a letter agreement dated November 30, 2022 (the \"Agreement\") with two of Gold Royalty Corp.'s wholly owned subsidiaries, Golden Valley Mines and Royalties Ltd. (\"Golden Valley\") and Abitibi Royalties Inc. (\"Abitibi\"), which are together with Gold Royalty Corp, referred to as \"Gold Royalty\". Gold Royalty holds 28,965,050 shares in the capital of the Company, representing 35.6% of its issued share capital, and accordingly is an insider of the Company in accordance with applicable securities legislation. Completion of the transactions contemplated by the Agreement is subject to all required regulatory approvals.The Agreement provides that:the Company will purchase from Gold Royalty the mineral rights and interests in the following properties located in Québec and Ontario - Bogside, Bogside NW, Cheechoo B East, Island 27, Matachewan, Munro, North Contact, Recession Larder, Riverside, Sharks, Smokehead and Titanic (together the \"Golden Valley Exploration Portfolio\") in consideration for which the Company will grant to Gold Royalty a net smelter return royalty on each property comprising the Golden Valley Exploration Portfolio; andthe Company will purchase from Gold Royalty the mineral rights and interests in all joint venture agreements that Golden Valley is currently a party to consisting of the Claw Lake, Cook Lake and Murdoch Creek properties in Ontario and the Perestroika Prospect in Québec (the \"JV Exploration Portfolio\") along with the assignment by Golden Valley to the Company of all of Golden Valley's rights, title, obligations and interests under the option agreement (the \"Eldorado Option Agreement\") dated October 8, 2021 between Golden Valley and Eldorado Gold (Québec) Inc. (\"Eldorado\"), subject to certain conditions, including but not limited to consent of the assignment from Eldorado. In consideration for the purchase of the JV Exploration Portfolio, the Company will assign to Gold Royalty a portion of the net smelter return royalty that the Company will be entitled to under the Eldorado Option Agreement, and also grant Gold Royalty a royal...