GULFSIDE MINERALS LTD. ("GMG")
BULLETIN TYPE: Property-Asset or Share Purchase Agreement
BULLETIN DATE: November 7, 2011
TSX Venture Tier 2 Company
Rannie Lake Property Acquisition:
TSX Venture Exchange has accepted for filing an option agreement (the "Rannie 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 172 claims in Labrador, NL that comprise the Rannie 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 $3,515,000 cash ($115,000 cash payable in the first year).
In addition, the Company must incur aggregate exploration expenditures on the Rannie Lake property of $2,700,000 by October 31, 2018 ($100,000 to be incurred in the first year). The RL Vendor is also entitled to a 2% NSR on the Rannie 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 Rannie Lake Agreement was entered into the Company was at arm's length to the RL Vendor.
Finder's Fee: A finder's fee of $21,500 cash is payable by the Company to an arm's length private company named Ridgerock Industries Ltd. in connection with the Rannie Lake property acquisition.
For further information please read the Company's August 22, 2011 news release available on SEDAR.
________________________________________
|
|
