Opus One Gold Corp. Announces Update on Its Fecteau Property Deal
March 14 2022 - 10:33AM
Opus One Gold Corp. (OOR : TSXV)
(“
Opus One Gold” or the
“
Company”), in connection with the amendment of
its option agreement on the Fecteau property announced on October
15, 2020, the Company is pleased to announce that it has made a
second payment to the property owners in the amount of $75,000,
half of which is payable in common shares of the Company at a
deemed price per share of $0.05 (750,000 common shares), as
consideration for the amendment to the original option agreement on
the Fecteau property.
Following this payment, the Company’s remaining
option payments total $100,000 along with exploration expenditure
commitments totaling $350,000 (of which an amount of $150,000 is to
be incurred on or before December 31, 2021). Moreover, the parties
have agreed that 50% of the remaining option payments shall be
payable in common shares of the Company at a price share equal to
the closing price of such shares on the TSX Venture Exchange (the
“Exchange”) on the trading day immediately before
the date of issuance, subject to the minimum price allowed by the
policies of the Exchange. For certainty, all option payments
payable in shares shall not exceed a maximum of 2,395,833 common
shares, of which 1,598,214 common shares have been issued thus far.
The common shares issued pursuant to the above are subject to a
statutory four-month hold period ending July 15, 2022.
For more information on the amendment and the
first payment, see news release dated October 15, 2020.
OPUS ONE Resources Inc.
Opus One Resources Inc. is a mining exploration
company focused on discovering high quality gold and base metals
deposits within strategically located properties in proven mining
camps, close to existing mines in the Abitibi Greenstone Belt,
north-western Quebec and north-eastern Ontario - one of the most
prolific gold mining areas in the world. Opus One holds assets in
Val-d'Or, Matagami and Chibougamau areas.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of the release.
For more information, please
contact:
Louis Morin
Chief Executive Officer & Director
Tel.: (514) 591-398
Michael W. Kinley, CPA, CA
President, Chief Financial Officer &
Director
Tel: (902) 826-1579
info@OpusOneGold.com
Visit Opus One’s website:
www.OpusOneGold.com
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/7ba1d64b-a6ed-468d-8ffa-e0e3222bd7ae
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