Valkea Options Legacy Australian Properties to S2 Resources
Valkea Resources Corp (TSXV: OZ) (OTCQB: OZBKF) has signed a definitive agreement with S2 Resources Corp granting them an option to acquire up to 80% interest in Valkea's Australian properties: Yuengroon, Ballarat West, and Silver Spoon tenements in Victoria. Under the agreement terms, S2 must sole-fund expenditures of A$1.2 million within four years to earn the 80% interest, while Valkea retains 20%. If either party's joint venture interest falls below 10%, it converts to a 2% net smelter return royalty.
The agreement requires TSX Venture Exchange approval and Ministerial approval under Victoria's Mineral Resources Act. The option was previously approved by disinterested shareholders at a special meeting on September 3, 2024, satisfying TSX-V and MI 61-101 requirements.
Valkea Resources Corp (TSXV: OZ) (OTCQB: OZBKF) ha firmato un accordo definitivo con S2 Resources Corp che concede loro un'opzione per acquisire fino all'80% di partecipazione nelle proprietà australiane di Valkea: le concessioni Yuengroon, Ballarat West e Silver Spoon in Victoria. Secondo i termini dell'accordo, S2 deve autofinanziare spese per A$1,2 milioni entro quattro anni per guadagnare l'80% di partecipazione, mentre Valkea trattiene il 20%. Se l'interesse di joint venture di una delle parti scende al di sotto del 10%, si trasforma in una royalty netta di sbocco minerario del 2%.
L'accordo richiede l'approvazione della Borsa TSX Venture e l'approvazione ministeriale ai sensi del Mineral Resources Act del Victoria. L'opzione era precedentemente stata approvata dagli azionisti non interessati in una riunione speciale il 3 settembre 2024, soddisfacendo i requisiti del TSX-V e della MI 61-101.
Valkea Resources Corp (TSXV: OZ) (OTCQB: OZBKF) ha firmado un acuerdo definitivo con S2 Resources Corp que les otorga una opción para adquirir hasta el 80% de interés en las propiedades australianas de Valkea: las concesiones Yuengroon, Ballarat West y Silver Spoon en Victoria. Según los términos del acuerdo, S2 debe autofinanciar gastos de A$1.2 millones en un plazo de cuatro años para obtener el 80% de interés, mientras Valkea retiene el 20%. Si el interés de joint venture de cualquiera de las partes cae por debajo del 10%, se convierte en una regalía neta de retorno del 2%.
El acuerdo requiere la aprobación de la Borsa TSX Venture y la aprobación ministerial bajo la Ley de Recursos Minerales de Victoria. La opción fue aprobada previamente por accionistas no interesados en una reunión especial el 3 de septiembre de 2024, cumpliendo con los requisitos de TSX-V y MI 61-101.
Valkea Resources Corp (TSXV: OZ) (OTCQB: OZBKF)가 S2 Resources Corp와 협약을 체결하여 Valkea의 호주 자산인 Yuengroon, Ballarat West 및 Silver Spoon 채굴권에 대한 최대 80%의 지분을 인수할 수 있는 옵션을 부여했습니다. 협약 조건에 따라, S2는 4년 이내에 A$120만의 지출을 단독으로 자금을 조달해야 80%의 지분을 얻을 수 있으며, Valkea는 20%의 지분을 보유합니다. 어느 한 쪽의 합작 투자 지분이 10% 이하로 떨어지면, 2%의 순광산 반환 로열티로 변환됩니다.
이 계약은 TSX 벤처 거래소의 승인과 빅토리아의 광물 자원 법에 따른 장관의 승인이 필요합니다. 이 옵션은 2024년 9월 3일에 열린 특별 회의에서 이해관계가 없는 주주들에 의해 이전에 승인되어 TSX-V 및 MI 61-101의 요구사항을 충족했습니다.
Valkea Resources Corp (TSXV: OZ) (OTCQB: OZBKF) a signé un accord définitif avec S2 Resources Corp leur accordant une option d'acquérir jusqu'à 80% d'intérêt dans les propriétés australiennes de Valkea : les concessions Yuengroon, Ballarat West et Silver Spoon dans l'État de Victoria. Selon les termes de l'accord, S2 doit financer seul des dépenses d'un montant de 1,2 million de dollars australiens dans les quatre ans pour obtenir les 80% d'intérêt, tandis que Valkea conserve 20%. Si l'intérêt en coentreprise de l'une des parties tombe en dessous de 10%, il se transforme en une redevance nette de 2% sur le retour de l'ouvrier.
L'accord nécessite l'approbation de la Bourse TSX Venture et l'approbation ministérielle en vertu de la Loi sur les ressources minérales de Victoria. L'option a été précédemment approuvée par des actionnaires non intéressés lors d'une réunion spéciale le 3 septembre 2024, respectant ainsi les exigences du TSX-V et de la MI 61-101.
Valkea Resources Corp (TSXV: OZ) (OTCQB: OZBKF) hat einen endgültigen Vertrag mit S2 Resources Corp unterzeichnet, der ihnen eine Option gewährt, bis zu 80% an Valkeas australischen Liegenschaften zu erwerben: die Konzessionen Yuengroon, Ballarat West und Silver Spoon in Victoria. Laut den Bedingungen des Vertrags muss S2 innerhalb von vier Jahren Ausgaben in Höhe von 1,2 Millionen AUD aus eigenen Mitteln finanzieren, um 80% des Interesses zu erwerben, während Valkea 20% behält. Wenn das gemeinsame Interesse einer der Parteien unter 10% fällt, wird es in eine 2% Nettogewinnabgabe umgewandelt.
Der Vertrag benötigt die Genehmigung der TSX-Venture-Börse und die ministerielle Genehmigung gemäß dem Mineral Resources Act von Victoria. Die Option wurde zuvor von interessensunabhängigen Aktionären in einer außerordentlichen Sitzung am 3. September 2024 genehmigt, was die Anforderungen von TSX-V und MI 61-101 erfüllt.
- Option agreement allows Valkea to maintain 20% interest in Australian properties without funding requirements
- Deal includes A$1.2 million in exploration expenditures funded by S2 Resources
- 2% NSR royalty protection if interest falls below 10%
- Reduction of ownership stake from 100% to 20% in Australian properties
Vancouver, British Columbia--(Newsfile Corp. - December 4, 2024) - Valkea Resources Corp. (TSXV: OZ) (OTCQB: OZBKF) (the "Company" or "Valkea") is pleased to announce that it has entered into a definitive agreement (the "Agreement") with S2 Resources Corp ("S2") dated December 3rd, 2024, pursuant to which the Company has agreed to grant S2 the right (the "Option") to acquire up to an
"We are pleased to announce the finalization of the agreement on our legacy Australian assets with S2, enabling them to earn into three of our highly prospective Victorian properties," commented Chris Donaldson, CEO. "The Projects are located in the world-class Victorian Goldfields and in close proximity to Agnico Eagle's Fosterville mine; these assets hold significant exploration potential. S2 is the ideal operator for these properties, with a highly accomplished local team with demonstrative success in the district. At the same time, Valkea remains firmly focused on advancing its flagship properties in Finland, where we are currently drilling. This transaction enables us to retain exposure to the exploration upside of our non-core assets while concentrating on our flagship project."
Terms of the Agreement
Pursuant to the Agreement, the Company agreed to grant S2 the right to earn an
Upon exercise of the Option, S2 will hold an
The Agreement is subject to Valkea obtaining the approval of the TSX Venture Exchange and also receiving Ministerial approval and registration under section 71 of the Mineral Resources (Sustainable Development) Act 1990.
The Company and S2 had previously entered into a letter of intent dated February 28, 2024 (the "LOI") with respect to the Option. The terms of the Agreement are consistent with the terms of the LOI.
The Option was approved by disinterested shareholders of the Company at a special meeting held on September 3, 2024. Approval by disinterested shareholders satisfied TSX-V requirements and the minority shareholder approval requirement of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"), both of which were applicable due to S2 being a "related party" of the Company by virtue of S2 being an insider of the Company. The Company is exempt from the formal valuation requirements of MI 61-101 contained in sections 5.5(a) of MI 61-101 on the basis of the exemption contained in section 5.5(b) of MI 61-101 as the Company's common shares are not listed on a specified market.
About Valkea Resources
Valkea Resources is at the forefront of gold exploration in Finland's highly prospective Central Lapland Greenstone Belt. With an extensive portfolio of high-potential projects, including the flagship Paana project, Valkea Resources is committed to discovering and advancing significant gold deposits in one of the world's emerging gold districts.
Contact Information
For more information please contact:
Chris Donaldson, Chief Executive Officer and Director
Email: info@valkea.ca
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 this release.
Forward-Looking Statements
This news release contains forward-looking statements or forward-looking information relating to the future operations of the Company and other statements that are not historical facts. Forward-looking statements in this news release include but are not limited to: obtaining TSX-V approval; obtaining Ministerial approval and registration under section 71 of the Mineral Resources (Sustainable Development) Act 1990; and exploration activities.
Forward-looking statements are based on the reasonable assumptions, estimates, analyses and opinions of management made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances at the date that such statements are made, but which may prove to be incorrect. Management believes that the assumptions and expectations reflected in such forward-looking statements are reasonable. Assumptions have been made regarding, among other things: details regarding the Meeting. Readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used.
Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from those expressed or implied by such forward-looking statements. Such risks, uncertainties and other factors include but are not limited to: the Company's early stage of development; the fluctuation of the price of metals; the availability of additional funding as and when required; the speculative nature of mineral exploration and development; the timing and ability to maintain and, where necessary, obtain necessary permits and licenses; the uncertainty in geologic, hydrological, metallurgical and geotechnical studies and opinions; infrastructure risks, including access to water and power; environmental risks and hazards; risks associated with negative operating cash flow; and risks associated with dilution. For a further discussion of risks relevant to the Company, see the Company's other public disclosure documents.
Although management has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There is no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such forward-looking statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company does not undertake to update any forward-looking statements, except as, and to the extent required by, applicable securities laws.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/232412
FAQ
What percentage stake can S2 Resources acquire in Valkea's Australian properties?
What happens if a party's joint venture interest falls below 10% in the Valkea-S2 agreement?
Which Australian properties are included in the Valkea Resources (OZBKF) option agreement?
