Chesapeake Gold Corp. (TSXV: CKG | OTCQX: CHPGF) and its wholly owned subsidiary, Alderley Gold Corp. have entered into an agreement with Hycroft Mining Holding Corporation to acquire the patents, patent applications, technology, and certain other rights to a leaching technology which are currently held under licence from Hycroft by Alderley.
Pursuant to the purchase agreement, Chesapeake has agreed to pay C$2,000,000 in cash and to issue 1,026,518 common shares of the company for the intellectual property rights. The common shares will be subject to a hold period of four months and one day.
Upon closing of the purchase agreement:
- Alderley will have acquired sole and exclusive ownership and control of the Intellectual Property Rights, which includes issued patents and pending applications in several countries, worldwide
- The existing Alderley License will be terminated, and Alderley’s obligation to pay certain royalties and various other obligations under the Alderley Licence will be extinguished
- No further payments will be due to Hycroft in the future; and
- Hycroft will not retain any rights to the Intellectual Property Rights
Jean-Paul Tsotsos, Interim chief executive officer, commented, “This acquisition is an important milestone along Chesapeake’s technology journey, and we look forward to continuing to advance our testwork and heading towards our strategic vision for the Company in the future.”
Closing of the transactions under the purchase agreement is expected to occur by 30 May 2024 and is subject to approval of the TSX Venture Exchange and other customary closing conditions under the Purchase Agreement.
To read more about this, please visit www.chesapeakegold.com
To read more news like this, please visit www.theassay.com/news
