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Yorbeau Resources Signs Agreement to Sell the Rouyn Property to Australian Investors
MONTREAL, Oct. 02, 2024 (GLOBE NEWSWIRE) -- Yorbeau Resources Inc. (TSX: YRB) (the “Company” or “Yorbeau”) is pleased to announce that it has signed, on October
About this update from Yorbeau Resources, Inc. Class A
[{"type":"text","content":" MONTREAL, Oct. 02, 2024 (GLOBE NEWSWIRE) -- Yorbeau Resources Inc. (TSX: YRB) (the “Company” or “Yorbeau”) is pleased to announce that it has signed, on October 1, 2024, a definitive asset purchase agreement in the context of a transaction (the “Transaction”) whereby Lac Gold (Rouyn) Inc. (“Lac Gold”), a Canadian based subsidiary of Lac Gold Pty Ltd (Au) newly created for purposes of the Transaction, would, subject to certain conditions, acquire a 100% interest in Yorbeau’s Rouyn property (the “Property”). The asset purchase agreement provides that, in consideration of a 100% interest in the Property, Lac Gold must pay a purchase price of C$25,000,000 to the Company as follows: C$2,000,000 paid to the Company within 48 hours of signing; C$3,000,000 payable to the Company on the closing date of the Transaction, but no later than December 16, 2024; and three equal instalments of $6,666,666 payable to the Company on each of the second, third and fourth anniversary of the closing date of the Transaction, collectively making up the C$20,000,000 unpaid balance of the purchase price, as evidenced by a promissory note to be issued by Lac Gold to the Company carrying interest at a rate of 5% per annum. In addition to the purchase price payable by Lac Gold, upon closing of the Transaction, Lac Gold will issue and grant to the Company a 2% net smelter royalty (“NSR”) on any minerals produced from the Property. Assuming satisfaction of customary closing conditions in respect of the Transaction, title to the Property shall be transferred to Lac Gold upon payment of the second tranche of C$3,000,000. Lac Gold has until the fourth anniversary of the closing date of the Transaction to pay the final instalment on the unpaid balance of the purchase price, but may accelerate any such payment. Lac Gold’s payment of the unpaid balance of the purchase price, together with accrued and unpaid interest thereon, will be secured, as of the closing date of the Transaction, by a first-ranking hypothec on the Property. Yorbeau intends to use the proceeds from the sale of the Property to fund exploration programs and pre-development activities on its other properties, as well as for general corporate purposes. “Yorbeau looks forward and has committed to working closely with the team at Lac Gold in satisfying all closing conditions expeditiously and clos...