Tudor Gold Corp. (TSX-V: TUD) (FSE: TUC) is pleased to announce that it has entered into a definitive agreement with certain royalty holders to acquire the Assignors’ right, title and interest in and to the Amended and Restated Purchase Agreement pursuant to which the Assignors held, among other rights, a 1.02 % net smelter return on certain key claims of the Treaty Creek Property and a 0.51 % net smelter return on the other claims of the Treaty Creek Property. In consideration for the assignment and assumption of such rights, Tudor agreed to issue the Assignors an aggregate of 5,000,000 common shares in the capital of Tudor. Half of such Consideration Shares shall be subject to the statutory four month and a day restriction on trading and the remaining half of such Consideration Shares shall be subject to a 10-month contractual restriction on trading.
Pursuant to the terms of the Royalty Agreement, American Creek Resources Ltd. also held certain buyback rights in respect of the NSR. Tudor is also pleased to announce it has entered into a termination agreement with American Creek. Pursuant to the terms of the Termination Agreement, American Creek agreed to terminate the Royalty Agreement in its entirety in consideration for Tudor’s issuance to American Creek of 100,000 common shares in the capital of Tudor. The Termination Shares shall be subject to the statutory 4 month and a day restriction on trading.
The Termination Agreement and the Assignment and Assumption Agreement are subject to the approval of the TSX Venture Exchange.
Walter Storm, President and CEO, stated: “With Tudor Gold`s exploration success and the continuing expansion of the Goldstorm Deposit, the termination of the NSR is an important step to minimizing the potential royalties payable on the project.”
About Tudor Gold
TUDOR GOLD Corp. is a precious and base metals exploration and development company with properties in British Columbia’s Golden Triangle (Canada), an area that hosts producing and past-producing mines and several large deposits that are approaching potential development. The 17,913 hectare Treaty Creek project (in which TUDOR GOLD has a 60% interest) borders Seabridge Gold Inc.’s KSM property to the southwest and borders Pretium Resources Inc.’s Brucejack property to the southeast. In April 2021, Tudor published their 43-101 technical report, “Technical Report and Initial Mineral Resource Estimate of the Treaty Creek Gold Property, Skeena Mining Division, British Columbia Canada,” dated March 1, 2021 on the Company’s Sedar profile. The Company also has a 100% interest in the Crown project and a 100% interest in the Eskay North project, all located in the Golden Triangle area.
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We acknowledge the [financial] support of the Government of Canada.