BULLETIN V2023-0424
OPHIR GOLD CORP. ("OPHR")
BULLETIN TYPE: Property-Asset Purchase Agreement
BULLETIN DATE: December 28, 2023
TSX Venture Tier 2 Company
TSX Venture Exchange (the "Exchange") has accepted for filing documentation pertaining to an Option Agreement dated December 8, 2023 (the "Agreement") with an arm's length optionor to acquire up to an undivided 70-per-cent interest in the Pilipas lithium property (the "Property") in the James Bay region of Quebec.
Pursuant to the terms of the Agreement, after satisfying the year 2 commitments, the Company shall earn a 50-per-cent interest in the Property. After satisfying the year 3 commitments, the Company shall earn a 70-per-cent interest in the Property. If the Company earns a 70-per-cent interest in the Property, the parties shall form a joint venture that is 70-per-cent held by the Company and 30-per-cent by the optionor. If the Company earns a 50-per-cent interest in the Property but fails to earn a 70-per-cent interest, the parties shall form a joint venture that is 50-per-cent held by the Company and 50-per-cent by the optionor. If after formation of the joint venture either party's interest is diluted below 10-per-cent, it shall be converted into a 2-per-cent net smelter royalty (NSR) on the Property.
CONSIDERATION CASH (CDN$) SECURITIES WORK EXPENDITURES ($)
Closing
$20,000
2,000,000 Common Shares
N/A
Year 1 $25,000 1,000,000 Common Shares $400,000
Year 2 $25,000 1,000,000 Common Shares $1,600,000
Year 3 $30,000 2,000,000 Common Shares $2,000,000
Total $100,000 6,000,000 Common Shares $4,000,000
For further details, please refer to the Company's news releases dated December 11, 2023.
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