Tudor Gold Announces Agreements to Assume and Terminate Royalty Agreement to Buydown a 1.02 % Net Smelter Return on Key Claims on the Treaty Creek Property
Tudor Gold Announces 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. - September 30, 2021) - Tudor Gold Corp. (TSXV: TUD)
(FSE: TUC) (the "
Company
" or "
Tudor
" or "
Tudor Gold
") is pleased to announce that it has entered
into a definitive agreement (the "
Assignment and Assumption Agreement
") with certain royalty
holders (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
").
In consideration for the assignment and assumption of such rights, Tudor agreed to issue the
Assignors an aggregate of 5,000,000 common shares in the capital of Tudor (the "
Consideration
Shares
").
Half of such Consideration Shares shall be subject to the statutory four month and a day
restriction on trading and the remaining half of such Consideration Shares shall be subject to a 10-month
contractual restriction on trading.
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 it has entered
into a termination agreement (the "
Termination Agreement
") with American Creek.
Pursuant to the
terms of the Termination Agreement, American Creek agreed to terminate the Royalty Agreement in its
entirety in consideration for Tudor's issuance to American Creek of 100,000 common shares in the
capital of Tudor (the "
Termination Shares
").
The Termination Shares shall be subject to the statutory 4
month and a day restriction on trading.
The Termination Agreement and the Assignment and Assumption Agreement are subject to the approval
of the TSX Venture Exchange.
Walter Storm, President and CEO
,
stated
: "With Tudor Gold`s exploration success and the continuing
expansion of the Goldstorm Deposit, the termination of the NSR is an important step to minimizing the
potential royalties payable on the project."
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.
"Walter Storm"
Walter Storm
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 Assignment and
Assumption Agreement and 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
Assignment and Assumption Agreement and the Termination Agreement and that the Company be
granted approval from the TSX Venture Exchange for such transactions. 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 Assignment and Assumption
Agreement and 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/98193