The Royalties that relate to certain claims within the Leta Arm Gold Project, along with the Lexindin showing, the Treasure Island Gold Project, the Laurie Lake Showing, and the Barker-Vidie Showing
Nighthawk Gold is pleased to announce that it has completed the purchase of certain net smelter return (NSR), and net profit interest (NPI), royalties (collectively referred to as the “Royalties”), from two parties. The Royalties relate to certain claims within the Leta Arm Gold Project (Leta Arm), including the Lexindin showing (Lexindin), the Treasure Island Gold Project (Treasure Island), the Laurie Lake Showing (Laurie Lake), and the Barker-Vidie Showing (Barker-Vidie).
Dr. Michael Byron, President and CEO commented, “We are pleased to have completed the purchase of these Royalties, removing future financial burdens for our shareholders. We reiterate our conviction in the untapped potential of our Indin Lake Gold Property and remain confident in our abilities to generate new discoveries.”
Pursuant to the Purchase Agreement, the Company paid an aggregate of $280,000 in cash and issued 200,000 common shares to purchase the Royalties which consist of a 3% NSR relating to Leta Arm and 3% NPI on Lexindin, a 2% NSR on Treasure Island, a 2% NSR on Laurie-Lake and a 2% NSR on Barker-Vidie.
The common shares issued are subject to a hold periods under applicable laws which expires on August 4, 2020. The acquisition remains subject to the final approval of the Toronto Stock Exchange.
Source: Company Press Release