ExGen Options DOK Property in NW BC Golden Triangle - Seite 2
For the 2021 exploration program, Mountain Boy plans to advance the project by compiling and ground truthing the voluminous historical data. For the 2022 exploration program, Mountain Boy foresees expanding the soil geochemistry and IP geophysics on the DOK and other identified targets, followed by drilling.
OPTION TERMS
In order to earn a 60% interest in the DOK Property, Mountain Boy must spend $2,500,000, deliver 1,500,000 shares and pay $230,000 to ExGen. The first-year requirement is $30,000 cash, 300,000 shares and $150,000 of work, with the balance of the earn-in requirements spread over another 4 years.
Option Terms – Cash and Share payments owing to ExGen and work spend requirements on the DOK Property
Date | Cash | Shares | Work |
Cumulative Work |
|||||
Closing | 10,000 | 100,000 | |||||||
15-Jan-22 | 20,000 | 200,000 | 150,000 | 150,000 | |||||
15-Jan-23 | 20,000 | 200,000 | 500,000 | 650,000 | |||||
15-Jan-24 | 50,000 | 200,000 | 500,000 | 1,150,000 | |||||
15-Jan-25 | 60,000 | 200,000 | 600,000 | 1,750,000 | |||||
15-Jan-26 | 70,000 | 600,000 | 750,000 | 2,500,000 | |||||
$230,000 | 1,500,000 | $2,500,000 |
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ExGen has substantially completed the earn-in requirements, including all cash payments to the underlying vendors, with the remaining requirement being a further work expenditure on the Property of $500,000 before April 30, 2025 (to hold a 100% interest) subject to a 3% royalty payable to the vendors in the underlying agreement, with ExGen retaining the sole right to purchase 2% of the vendors NSR Royalty.