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Goldbard Capital Corporation Announces Proposed Earn-In Option in Respect of Pepper Property
Goldbard Capital Corporation Announces Proposed Earn-In Option in Respect of Pepper Property
About this update from Western Copper And Gold Corporation
[{"type":"text","content":"\nGoldbard Capital Corporation Announces Proposed Earn-In Option in Respect of Pepper Property\n\n\n Mar. 1, 2010 (Filing Services Canada) -- Goldbard Capital Corporation  (GDB.P - TSX Venture), (\"Goldbard\"), a capital pool company listed on the TSX Venture Exchange (the \"Exchange\"), is pleased to announce that it has entered into a letter agreement dated February 26, 2010, which will be superseded by a definitive option and joint venture agreement (the \"Option Agreement\") to be entered into between Goldbard and BCGold Corp. (\"BCG\"), a British Columbia corporation listed on the Exchange, in respect of the acquisition by Goldbard of an option (the \"Option\") to earn up to a 70% interest in the Pepper Property, a \"Minto-type\" copper-gold mineral exploration property in the Yukon Territory.  Pursuant to the Option Agreement, BCG will grant to Goldbard the option to acquire up to a 60% interest in the Pepper Property by making $250,000 in cash payments, $2,000,000 in exploration expenditures and by issuing 400,000 common shares of Goldbard (the \"Goldbard Shares\") to BCGold over a four year period.  Goldbard can earn an additional 10% interest in the Pepper Property by completing a bankable feasibility study, for a total interest of 70%.  Goldbard is a capital pool company and intends the acquisition of the Option to be its qualifying transaction for purposes of the policies of the Exchange (the \"Qualifying Transaction\").  Upon the successful completion of the Qualifying Transaction, Goldbard will be a junior mineral exploration issuer. Goldbard anticipates filing a filing statement detailing the Qualifying Transaction and related matters in the near future.Goldbard will pay a non-refundable $20,000 deposit and, subject to Exchange approval, issue 100,000 common shares of Goldbard (the \"Goldbard Shares\") to BCG on or before March 15, 2010 in connection with the acquisition of the Option.  Upon execution of the Option Agreement, Goldbard will be required to make the following additional payments to BCG: (i) 100,000 Goldbard Shares and a cash payment of $30,000 on the first anniversary of the Option Agreement, (ii) 100,000 Goldbard Shares and a cash payment of $35,000 on or before the second anniversary of the Option Agreement, (iii) 100,000 Goldbard Shares an...