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Volcanic Executes Option on Guatemala Gold/Silver Properties and Engages Roth Capital Partners as Financial Advisor
(via TheNewswire) June 1, 2020 - TheNewswire - V ancouver, British Columbia ...
About this update from Volcanic Gold Mines Inc.
[{"type":"text","content":"Volcanic Executes Option on Guatemala Gold/Silver Properties and Engages Roth Capital Partners as Financial Advisor(via TheNewswire)\n \n \nJune 1, 2020 - TheNewswire - Vancouver, British Columbia - Volcanic Gold Mines Inc. (TSXV:VG) (OTC:VLMZF) (Frankfurt:CKCK1) is pleased to announce that the Company has executed an Option Agreement with Radius Gold Inc. (TSXV:RDU) to earn into a large land position in Eastern Guatemala. \n\n \n \nUnder the terms of the Option, which are subject to TSX Venture Exchange approval, Volcanic can earn a 60% interest in the Holly and Banderas Properties (full details of the properties are available on the Company's website) by completing a minimum C$3 million financing and spending US$7.0 million on exploration of the Properties within 48 months from the date drilling permits are granted. An initial US$1M must be spent on exploration within 12 months of receiving the required drill permits, including a minimum 3,000m of drilling. Upon the successful completion of the financing, Volcanic will make a cash payment to Radius of C$100k. Following the exercise of the Option, Volcanic will enter into a standard 60/40 Joint Venture with Radius in order to further develop the Properties.\n\n \n \nVolcanic will have the exclusive right for 24 months following the execution of the Option to evaluate the other property interests of Radius in Eastern Guatemala and to enter into an agreement to acquire an interest in any of such other properties on reasonable mutually agreed upon terms.\n\n \n \nCharles Straw, CEO and Director, commented: \"We are pleased to have the opportunity to acquire an interest in this highly prospective land position and look forward to commencing a drill program to further advance the Holly and Banderas Properties. At the same time, we are seeking to acquire additional property interests with the aim of building a portfolio of properties of merit for the Company.\"\n\n \n \nIn addition to the Option with Radius, Volcanic has engaged Roth Capital Partners for a period of one year as the Company's exclusive financial advisor with respect to (i) any merger, consolidation, acquisition, disposition of all or a significant portion of the capital stock or assets of the Company, tender or exchange offer, leveraged buy-out, formation of a joint venture or partnership, or any other business combin...