Tudor Gold Announces Agreement to Terminate Net Smelter Return Royalties on Certain Mineral Claims Located in the Skeena Mining District, British Columbia
Tudor Gold Announces Agreement to
Terminate Net Smelter Return Royalties on
Certain Mineral Claims Located in the Skeena
Mining District, British Columbia
Vancouver, British Columbia--(Newsfile Corp. - March 4, 2022) - Tudor Gold Corp. (TSXV: TUD) (FSE:
TUC) (the "
Company
" or "
Tudor
" or "
Tudor Gold
") is pleased to announce that the Company, together
with Tudor Holdings Ltd. and Walter Storm, a Director of the Company (collectively, the "
Company
Parties
"), have entered into a termination agreement (the "
Termination Agreement
") with Richard Mill
("
Mill
"), pursuant to which the parties have agreed to terminate certain Purchase Agreements (as
defined below) and the underlying NSR Royalties (as defined below) in consideration for Tudor's
issuance to Mill of 115,000 common shares in the capital of Tudor (the "
Consideration Shares
").
The
Consideration Shares shall be subject to the statutory 4 month and a day restriction on trading.
Pursuant to purchase and sale agreements between Mill and the Company dated (i) September 2015,
as amended on April 6, 2016 and July 19, 2019, and (ii) May 10, 2016 (together, the "
Purchase
Agreements
"), Tudor acquired from Mill certain mineral claims located in the Skeena Mining District. As
partial consideration for the acquisition of the mineral claims pursuant to the Purchase Agreements,
Tudor agreed to grant to Mill two separate 2.5% net smelter returns royalties on such acquired claims
(together the "
NSR Royalties
").
In addition, pursuant to the Termination Agreement, each of the Company Parties and Mill have agreed
to mutually release any and all claims such parties may have against the others with respect to any
matters existing up to the present time.
The Termination Agreement and issuance of the Consideration Shares remains subject to the approval
of the TSX Venture Exchange.
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.
"Ken Konkin"
Ken Konkin
President and Chief Executive Officer
For further information, please visit the Company's website at
www.tudor-gold.com
or contact:
Chris Curran
Head of Corporate Development and Communications
Phone: (604) 559 8092
E-Mail:
or
Carsten Ringler
Head of Investor Relations and Communications
Phone:
+49 151 55362000
E-Mail:
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.
This news release contains "forward-looking information" within the meaning of applicable Canadian
securities legislation. "Forward-looking information" includes, but is not limited to, statements with
respect to the activities, events or developments that the Company expects or anticipates will or may
occur in the future, including completion of the transactions contemplated in the Termination
Agreement. Generally, but not always, forward-looking information and statements can be identified by
the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates",
"forecasts", "intends", "anticipates", or "believes" or the negative connotation thereof or variations of
such words and phrases or state that certain actions, events or results "may", "could", "would", "might"
or "will be taken", "occur" or "be achieved" or the negative connation thereof.
Such forward-looking information and statements are based on numerous assumptions, including
among others, that the Company will be able to complete the transactions contemplated in the
Termination Agreement and that the Company be granted approval from the TSX Venture Exchange
for such transactions, including the issuance of the Consideration Shares. Although the assumptions
made by the Company in providing forward-looking information or making forward-looking statements
are considered reasonable by management at the time, there can be no assurance that such
assumptions will prove to be accurate.
There can be no assurance that such statements will prove to be accurate and actual results and
future events could differ materially from those anticipated in such statements. Important factors that
could cause actual results to differ materially from the Company's plans or expectations include risks
relating to the failure to complete the transactions contemplated in the
Termination Agreement;
market or business conditions; regulatory changes; timeliness of government or regulatory approvals;
and other risks detailed herein and from time to time in the filings made by the Company with
securities regulators.
Although the Company has attempted to identify important factors that could cause actual results to
differ materially from those contained in the forward-looking information or implied by forward-looking
information, there may be other factors that cause results not to be as anticipated, estimated or
intended. There can be no assurance that forward-looking information and statements will prove to be
accurate, as actual results and future events could differ materially from those anticipated, estimated
or intended. Accordingly, readers should not place undue reliance on forward-looking statements or
information.
The Company expressly disclaims any intention or obligation to update or revise any forward-looking
statements whether as a result of new information, future events or otherwise except as otherwise
required by applicable securities legislation.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/115698