GOLDRUSH RESOURES LTD ("GOD")
BULLETIN TYPE: Property-Asset or Share Disposition Agreement
BULLETIN DATE: October 24, 2014
TSX Venture Tier 2 Company
TSX Venture Exchange has accepted for filing share purchase agreement (the "SPA") dated June 11, 2014, as amended between Goldrush Resources Ltd (the "Company'), its wholly owned subsidiary, Goldrush Burkina S.A.R.L. ("Goldrush Burkina") and Nord Prognoz Ltd.("Nord"). Pursuant to the SPA, Nord will acquire all of the issued and outstanding shares of Goldrush Burkina. Goldrush Burkina holds a 100% interest in two mineral concessions known as the Ronguen project (the "Project") located in Burkina Faso. In order for Nord to acquire Goldrush Burkina, Nord must pay the Company a total cash consideration of US$4,250,000 of which US$1,000,000 will be held in escrow subject to certain terms and conditions. The Company will retain a 1% net smelter royalty ("NSR") on any production from the Project at a gold price over US$1,700/oz. The NSR may be repurchased at any time for cash consideration of US$1,000,000.
Upon completion of the SPA, Nord will acquire the Project. All other assets of Goldrush Burkina will be transferred to a new subsidiary of the Company, pursuant to a re-organization to be completed at the closing of the transaction.
For further information, please see the Company's news release dated June 12, 2014, September 10, 2014 and October 17, 2014.
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