- Prosper Gold Corp. (PGX) has acquired a 100-per-cent interest in the Golden Sidewalk Property and the Skinner Property
- The company executed this by exercising its previously-announced option under the option agreement between the company and Sabina Gold & Silver Corp
- The Golden Sidewalk Property and the Skinner Property consist of 3,000 hectares of mineral claims, leases and patents in the Red Lake mining district of Ontario
- Prosper Gold Corp. is an exploration and development company
- Prosper Gold Corp. was unchanged at $0.25 per share at 11:05 AM ET
Prosper Gold Corp. (PGX) has acquired a 100-per-cent interest in the Golden Sidewalk Property and the Skinner Property.
The company executed this by exercising its previously-announced option under the option agreement between the company and Sabina Gold & Silver Corp.
The Golden Sidewalk Property and the Skinner Property consist of approximately 3,000 hectares of mineral claims, leases and patents in the Red Lake mining district of Ontario.
“The exercise of the option approximately two years ahead of schedule represents a significant milestone for the company,” said Peter Bernier, CEO.
“This solidifies Prosper’s ownership of 160-square kilometres of mining claims and leases in a world-class mining jurisdiction,” he added.
To acquire the 100-per-cent interest in the properties, the company has (i) issued an aggregate of 1,500,000 common shares from its treasury to Sabina, (ii) paid an aggregate of $50,000 in cash to Sabina, and (iii) incurred expenditures on the Properties of not less than $2,600,000.
Concurrent with the company’s previously-announced acquisition of a 70-per-cent interest in the properties on February 7, 2022, the company and Sabina entered into royalty agreements.
In line with the agreements, Prosper Gold will pay to Sabina a 2.0-per-cent net smelter returns royalty (NSR) on the proceeds from the production and sale of all ores, minerals, metals and materials mined or removed from the Golden Sidewalk Property.
Prosper Gold will also pay Sabina a 1.0-per-cent NSR on the proceeds from the production and sale of products mined or removed from certain “additional property” (as defined in the option agreement).
Prosper Gold Corp. is an exploration and development company principally engaged in the acquisition, exploration, and development of mineral resource properties in British Columbia and Ontario.
Prosper Gold Corp. was unchanged at $0.25 per share at 11:05 AM ET.