- Big Ridge Gold (BRAU) receives the first option payment from Clarity Gold (CSE: CLAR)
- Big Ridge received a cash payment of $450 thousand and over 685 thousand common shares of Clarity at a deemed price of C$1.46 per share
- Clarity must make certain cash payments and share issuances to Big Ridge to earn a 100 per cent interest in the Destiny gold property
- Big Ridge is ready to start its exploration work at its 100 per cent owned Oxford gold project
- Big Ridge (BRAU) is down 16 per cent and is trading at C$0.10 at close
Big Ridge Gold (BRAU) receives the first option payment from Clarity Gold (CSE: CLAR).
This payment follows the November 27, 2020 option agreement for the sale of its Destiny gold property, located in Despinassy Township, 75 kilometres northeast of Val d’Or Québec.
Big Ridge received a cash payment of $450 thousand and over 685 thousand common shares of Clarity at a deemed price of C$1.46 per share.
This payment is for an aggregate value of C$1 million, and the common shares of Clarity are subject to a hold period of four months.
Clarity must make certain cash payments and share issuances to Big Ridge to earn a 100 per cent interest in the Destiny gold property.
Some but not all of the agreements are as follows.
C$50 thousand in cash within five days of signing a letter of intent to said transaction, C$450 thousand in cash and C$1 million in shares within 60 days of closing the option agreement (received January 26, 2021), and pay C$750 thousand in cash and C$1 million on or before November 26, 2021.
Big Ridge is ready to start its exploration work at its 100 per cent owned Oxford gold project.
This exploration will occur in Manitoba upon finishing the ongoing Heritage Resource Impact Assessment (HRIA) study.
Back on September 30, 2020, Big Ridge had C$2.8million in working capital, including C$3.0 million in cash.
Big Ridge gold is an exploration and development company owning 100 per cent of its Canadian gold properties.
Big Ridge (BRAU) is down 16 per cent and is trading at C$0.10 at close.
