SOMA GOLD CORP. ("SOMA")
BULLETIN TYPE: Property-Asset or Share Purchase Agreement
BULLETIN DATE: March 25, 2022
TSX Venture Tier 2 Company
TSX Venture Exchange has accepted for filing an Option Agreement dated February 4, 2022, between Soma Gold Corp. (the "Company"), Angra Metals Mineracao Ltda. (a wholly owned subsidiary of the Company), Cottagon S.A. (owned by Christopher M. Scheitz, "Cottagon"), Franz Josef Scheitz ("Franz"), Darci Henrique Lindenmayer ("Darci"). Cottagon, Franz and Darci are collectively referred to as the "Former Owners".
Pursuant to the Option Agreement, the Former Owners grant the Company an option (the "Buy-back Option") to buy back the Former Owners' 1 % NSR from the mining rights held by the Former Owners of mining rights known as the"Tucum? Properties",located in the Carajas province in the State of Para, Brazil (the "Properties"), and to extinguish Former Owner's right to a US$3,000,000 payment ("Pre-production Payment") due upon commencement of commercial production on the mining rights.
In consideration for the Buy-back Option, the Company will issue the Former Owners 250,000 common shares (187,500 shares to Cottagon, 50,000 shares to Franz and 12,500 shares to Darci) within 30 days from the date of execution of the Option Agreement and an additional 250,000 common shares (187,500 shares to Cottagon, 50,000 shares to Franz and 12,500 shares to Darci) within three years from the date of execution of the Option Agreement. The Pre-production Payment will remain in force until the Company fully exercises the Buy-back Option within three years from the date of execution of the Option Agreement.
For more information, please refer to the Company's news release dated March 15, 2022.
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