GULFSIDE MINERALS LTD. ("GMG")
BULLETIN TYPE: Property-Asset or Share Purchase Agreement
BULLETIN DATE: October 19, 2011
TSX Venture Tier 2 Company
Robert's Lake Property Acquisition:
TSX Venture Exchange has accepted for filing an option agreement (the "Robert's Lake Agreement") between Gulfside Minerals Ltd. (the "Company") and an arm's length individual named Kal Malhi (the "RL Vendor") pursuant to which the Company has the option to acquire up to a 100% interest in 128 claims in northern Quebec that comprise the Robert's Lake property.
The aggregate consideration payable in stages by the Company over a seven year period ending October 31, 2018 to the RL Vendor in stages is:
o $3,540,000 cash ($140,000 cash payable in the first year); and
o 1,000,000 common shares (1,000,000 common shares payable in the first year).
In addition, the Company must incur aggregate exploration expenditures on the Robert's Lake property of $2,900,000 by October 31, 2018 ($150,000 to be incurred in the first year). The RL Vendor is also entitled to a 2% NSR on the Robert's Lake property with the Company having the right to reduce the NSR to 1% by paying the RL Vendor $1,500,000 cash.
Insider / Pro Group Participation: N/A. At the time the Robert's Lake Agreement was entered into the Company was at arm's length to the RL Vendor.
Finder's Fee: A finder's fee of $33,750 cash is payable by the Company to an arm's length private company named Ridgerock Industries Ltd. in connection with the Robert's Lake property acquisition.
Port Snettisham Property Acquisition:
TSX Venture Exchange has accepted for filing an option agreement (the "Port Snettisham Agreement") between Gulfside Minerals Ltd. (the "Company") and an Pacific Rim Mineral, LLC (the "PS Vendor") pursuant to which the Company has the option to acquire up to a 100% interest in 49 claims in Alaska that comprise the Port Snettisham property.
The aggregate consideration payable in stages by the Company over a seven year period ending October 31, 2018 to the PS Vendor in stages is $3,770,000 cash ($120,000 cash payable in the first year).
In addition, the Company must incur aggregate exploration expenditures on the Port Snettisham property of $3,300,000 by October 31, 2018 ($150,000 to be incurred in the first year). The PS Vendor is also entitled to a 2.5% NSR on the Port Snettisham property with the Company having the right to reduce the NSR to 1.5% by paying the PS Vendor $1,500,000 cash.
Insider / Pro Group Participation: N/A. At the time the Port Snettisham Agreement was entered into the Company was at arm's length to the PS Vendor.
Finder's Fee: A finder's fee of $22,000 cash is payable by the Company to an arm's length private company named Ridgerock Industries Ltd. in connection with the Port Snettisham property acquisition.
For further information please read the Company's August 22, 2011 news release available on SEDAR.
________________________________________
|
|
