Lahontan Gold Corp (TSXV: LG | OTCQB: LGCXF) has entered into an amending agreement with Golden Arrow Mining Corporation as of 8 August 2023, in which the original lease with option to purchase agreement between the Lahontan and Golden Arrow from July was amended.
Pursuant to the option agreement, Lahontan was granted an opportunity to acquire the advanced West Santa Fe gold-silver exploration project, located only 15km west of Lahontan’s Flagship asset, the Santa Fe Mine, in Nevada’s prolific Walker Lane.
To exercise the option, Lahontan must make option payments in the aggregate amount of US$1.845M over a period of seven years and incur an aggregate of US$1.4M in expenditures on the property.
At Lahontans’ election, up to 50% of each option payment may be paid through the issuance of common shares in the capital of company shares at a price equal to the greater of:
- the price equal to the volume weighted average closing price of the common shares on the TSX Venture Exchange for the 30 trading days immediately preceding the date of any issuance of common shares as partial payment for the option payment; and
- CAD$0.075.
If any issue of shares would result in Golden Arrow holding more than 9.99% of the shares outstanding at the time of issuance, such payment must be made in cash rather than cash and shares.
The securities issued in connection with the option payment are subject to a four-month hold period from the date of issuance in addition to any other restrictions under applicable law.
For further information, please visit: www.lahontangoldcorp.com
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