- P2 Gold (PGLD) has signed an agreement with a wholly-owned subsidiary of Orogen Royalties to acquire the Ball Creek Claims
- To acquire the Ball Creek Claims, P2 Gold will issue four million shares to Orogen and grant Orogen a one per cent net smelter returns royalty
- P2 Gold Inc. is a mineral exploration and development company focused on advancing precious metals and copper discoveries and acquisitions in the western United States and British Columbia
- P2 Gold Inc. (PGLD) opened trading at $0.225 per share
P2 Gold (PGLD) has signed an agreement with a wholly-owned subsidiary of Orogen Royalties over the Ball Creek Claims.
The agreement is in connection with the acquisition of certain mineral claims that comprise the western portion of Orogen’s Ball Creek Property. The Ball Creek Claims border the company’s BAM Project to the north.
The terms of the agreement state that to acquire the Ball Creek Claims, P2 Gold will issue four million shares to Orogen and grant Orogen a one per cent net smelter returns royalty in respect of production from the Ball Creek Claims.
Furthermore, the Ball Creek Property is subject to an underlying agreement with Sandstorm Gold Ltd. in line with which Sandstorm holds a two per cent net smelter returns royalty, out of which one per cent may be repurchased for $1 million.
Sandstorm is also entitled to a payment of $1 million on the announcement of a one-million-ounce mineral resource as well as a payment of $3 million on the announcement of a positive feasibility study.
Under the agreement, P2 Gold has agreed to assign Orogen the right to repurchase one per cent of the Sandstorm royalty and assume the obligations to Sandstorm on the announcement of a one-million-ounce mineral resource and a positive feasibility study in respect of the portion of the Ball Creek Property being acquired by the company.
P2 Gold Inc. is a mineral exploration and development company focused on advancing precious metals and copper discoveries and acquisitions in the western United States and British Columbia.
P2 Gold Inc. (PGLD) opened trading at $0.225 per share.
