Tudor Gold Announces Closing of Agreements to Assume and Terminate Royalty Agreement to Buydown a 1.02 % Net Smelter Return on Key Claims on the Treaty Creek Property
Vancouver, British Columbia--(Newsfile Corp. - October 13, 2021) - Tudor Gold Corp. (TSXV: TUD) (FSE: TUC) (the "Company" or "Tudor" or "Tudor Gold") is pleased to announce that further to its press release dated September 30, 2021, the TSX Venture Exchange (the "Exchange") has provided approval to and the Company has closed the assignment and assumption agreement (the "Assignment and Assumption Agreement") with Timothy Young, Matthew Mason and Sotet Capital Limited (together, the "Assignors") to acquire the Assignors' right, title and interest in and to the Amended and Restated Purchase Agreement (the "Royalty 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 (the "NSR").
Pursuant to the terms of the Royalty Agreement, American Creek Resources Ltd. ("American Creek") also held certain buyback rights in respect of the NSR. Tudor is also pleased to announce the Exchange has provided approval to and the Company has closed the termination agreement (the "Termination Agreement") with American Creek previously announced on September 30, 2021.
Pursuant to the terms of the Termination Agreement and the Assignment and Assumption Agreement, Tudor has issued an aggregate of 5,100,000 common shares at a deemed per share issue price of $2.38 to the Assignors and AMK. 2,600,000 shares are subject to the statutory 4 month and a day restriction on trading and the remaining 2,500,000 shares are subject to a 10-month contractual restriction on trading.
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.
ON BEHALF OF THE BOARD OF DIRECTORS OF
TUDOR GOLD CORP.
President and Chief Executive Officer
For further information, please visit the Company's website at www.tudor-gold.com or contact:
Head of Corporate Development and Communications
Phone: (604) 559 8092
Head of Investor Relations and Communications
Phone: +49 151 55362000
Neither 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 this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/99531