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Sky Gold Corp. Amends Property Option Agreements for the Horne and Laurie Properties, in Northwestern Ontario
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Sky Gold Corp. announces amendments to property option agreements for acquisitions, reducing cash obligations by $50,000 and confirming exploration expenditures at $500,000. Shares to be issued subject to a four-month hold period. The amendments are subject to TSX Venture approval.
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VANCOUVER, BC / ACCESSWIRE / April 9, 2024 / SKY GOLD CORP. ("Sky" or the "Company") (TSXV:SKYG)(OTC PINK:SRKZF) announces amendments to the property option agreements for the acquisitions of 100% interest in each of the Horne property and the Laurie property, both which border the Eureka Gold Zone (EGZ), located in the Dawson Road Lots, straddling the Trans-Canada highway, approximately 50 kilometres west of the City of Thunder Bay, in northwestern Ontario. (See news release dated April 12, 2023)
In consideration of an aggregate total 2,300,000 common shares to be issued to the vendors, the cash obligations under the option agreements will be reduced by an aggregate total of $50,000 (original: $450,000; amended: $400,000), and the overall exploration expenditures are confirmed at $500,000 (previously: $800,000) with the annual amounts deferred for certain years, with portions of the 1st and 2nd year expenditure obligation deadlines deferred to the 3rd and 4th years.
The remainder of the original option terms remain unchanged. Shares issued under the amending agreements will be subject to a four month hold period commencing from issuance.
The amendments to the transactions are subject to TSX Venture approval.
ON BEHALF OF THE BOARD
Mike England CEO, PRESIDENT & DIRECTOR
FOR FURTHER INFORMATION PLEASE CONTACT
Tel: 1-604-683-3995 Toll Free: 1-888-945-4770
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.
What amendments did Sky Gold Corp. announce regarding property option agreements?
Sky Gold Corp. announced amendments to the property option agreements for the acquisitions of 100% interest in the Horne property and the Laurie property, reducing cash obligations by $50,000 and confirming exploration expenditures at $500,000.
Where are the Horne property and the Laurie property located?
The Horne property and the Laurie property are located in the Dawson Road Lots, straddling the Trans-Canada highway, approximately 50 kilometers west of the City of Thunder Bay, in northwestern Ontario.
What is the hold period for the shares issued under the amending agreements?
The shares issued under the amending agreements will be subject to a four-month hold period commencing from issuance.
What is the total reduction in cash obligations under the option agreements?
The cash obligations under the option agreements will be reduced by an aggregate total of $50,000 (original: $450,000; amended: $400,000).
What is the total amount confirmed for exploration expenditures?
The overall exploration expenditures are confirmed at $500,000, previously $800,000.
What approvals are required for the amendments to the transactions?
The amendments to the transactions are subject to TSX Venture approval.
