BULLETIN V2025-0932
BOLD VENTURES INC. ("BOL")
BULLETIN TYPE: Property-Asset or Share Purchase Amending Agreement
BULLETIN DATE: April 1, 2025
TSX Venture Tier 2 Company
TSX Venture Exchange has accepted for filing documentation with respect to the Fourth Amending Agreement dated January 14, 2025 (the "Amendment") to a property option agreement dated March 12, 2020, as amended on July 3, 2023, September 13, 2023, and April 23, 2024 (the "Original Agreement") between the Company and arm's length parties (the "Optionors"). Pursuant to the Amendment, the Company will continue to have the option to acquire 100% interest in a number of staked mining claims in the East Lake Superior region approximately 55 km northwest of Wawa in the Province of Ontario (the "Property").
Pursuant to the Amendment, the Company must now provide the following consideration to the Optionors by September 1, 2026: (i) an aggregate of $95,000 in cash, of which $75,000 were already paid; (ii) issue aggregate of 1,550,000 common shares (decreased by 100,000 common shares), of which 750,000 were already issued; and (iii) incur $550,000 of exploration expenditures (decreased from $1,000,000), of which $250,000 were already incurred, to earn a 100% interest in the Property. Furthermore, if a National Instrument 43-101 Technical Report is prepared on the Farwell Property, as such term is defined under the Agreement and the Amendment, with an indicated resource of at least 250,000 ounces of gold or gold equivalent and approved by all necessary regulatory authorities, the Optionors shall be paid the additional sum of $150,000 and $250,000 in case of 500,000 ounces of gold or gold equivalent.
On exercise of the option, the Optionors will retain a 3% net smelter royalty (NSR) on the Property, of which the Company has the right to buy-back half of such NSR granted (1.5%) for $2,500,000 cash payment (increased by $500,000). The Company also has the right of first refusal to purchase the remaining 1.5% NSR.
For more information, please refer to the Company's news release dated January 17, 2025.
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