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Prosper Gold Enters into Definitive Agreement to Option Star Project to CAVU Mining

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Prosper Gold Enters into Definitive Agreement to Option Star Project to CAVU Mining

 

 

 

 

 

Prosper Gold Corp. (TSX-V:PGX) is pleased to announce that it has entered into a definitive option agreement with CAVU Mining Corp. (CSE: CAVU), a company incorporated under the laws of British Columbia, to grant CAVU the exclusive right and option to acquire Prosper’s 51% interest in the Star Project located in the province of British Columbia.

 

Under the terms of the Option Agreement, CAVU may exercise the Option by (i) issuing 1,250,000 common shares in the capital CAVU to Prosper on or before May 23rd, 2022, and (ii) making aggregate cash payments of $1,155,000 to Prosper as follows:

  • $100,000 on or before May 23, 2022; and
  • $285,000 on or before July 1, 2022; and
  • $385,000 on or before May 23, 2023; and
  • $385,000 on or before May 23, 2024.

 

Should CAVU not exercise the Option in full, Prosper will have a 30-day period from the termination date of the Option to purchase CAVU’s 49% interest in the Star Project for a lump sum cash payment of $500,000 subject to the terms of the Option Agreement.

 

Posted May 16, 2022

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