(via TheNewswire)
The original terms and conditions of the Project Acquisition Agreement were defined and publicly announced by G.E.T.T via press releases dated
Key highlights of the revised terms are:
Delivery of payable gold to G.E.T.T over a 48-month period commencing
November 8, 2021 will now be triggered upon commencement of profitable production activities at the project in the future.
Payment of the remaining
Cdn$1 million acquisition cost previously dueMarch 31, 2023 is deferred and divided into two equal payments ofCdn$500,000 (plus accrued interest at a simple rate of 7% per annum fromNovember 30, 2023 ) on or beforeApril 30, 2023 andSeptember 29, 2023 .
Labyrinth Resources shall pay G.E.T.T accrued interest on the cash equivalent of 450 gold ounces at a simple rate of 7% per annum from
November 30, 2022 toApril 30, 2023 , with such amount being determined pursuant to the prevailing 28-day moving average gold price as ofApril 30,2023 published by theLondon Bullion Market Association per ounce of gold, on or beforeApril 30, 2023 .
Labyrinth Resources shall pay G.E.T.T accrued interest on the cash equivalent of 450 gold ounces at a simple rate of 7% per annum from
May 1, 2023 toSeptember 29, 2023 , with such amount being determined pursuant to the prevailing 28-day moving average gold price as ofSeptember 29, 2023 published by theLondon Bullion Market Association per ounce of payable gold, on or beforeSeptember 29, 2023 , provided that the amount set forth may be paid, at the option of Labyrinth Resources, in cash or in equivalent Labyrinth Resources fully paid ordinary shares.
Labyrinth Resources shall deliver to G.E.T.T, on the date that is the earlier of (i)
December 31, 2023 and (ii) the date on which Labyrinth Resources publicly announces a mineral reserve estimate for the project in accordance with the 2012 Edition of the Joint Ore Reserves Committee Australasian Code for reporting of exploration results, mineral resources and ore reserves, Labyrinth Resources shall have delivered to G.E.T.T:
450 ounces of payable Gold; or
The nearest whole number of fully paid ordinary shares in Labyrinth Resources equivalent to the quotient of: (i) the cash equivalent of 450 ounces of payable gold using the prevailing 28-day moving average gold price published by the
London Bullion Market Association per ounce of payable gold, divided by (ii) the fair market value of one ordinary share in the capital of Labyrinth Resources based on the fifteen (15) day Volume Weighted Average Price of the ordinary shares of Labyrinth Resources.The 450 gold ounces shall be deducted from the total of 4,500 gold ounces.
‘It is my firm belief that considering the current international situation in the metals markets, the general increase in interest rates and other challenging situations facing the mining industry, GETT and Labyrinth Resources have negotiated the best possible solution that will enable Labyrinth Resources to focus on growing the high-grade resource and unlock the full value of the project for the benefit of both companies’, stated Mr.
About
The company’s growth strategy is based on:
• The commercialization and deployment of its thermal fragmentation technology.
• Increasing the value of its mining asset by prioritizing its exploration targets; and
• The development of its gold deposit with the objective of producing revenue from its operations;
Follow the link to view G.E.T.T Gold’s new websitewww.gettgold.com
For additional information:
Neither
Tel: (450) 510-4442 www.gettgold.com
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Copyright (c) 2023 TheNewswire - All rights reserved., source