Precipitate Receives 1st Anniversary Payment as Golden Predator Proceeds with Reef Property Option
VANCOUVER, British Columbia, Feb. 08, 2018 (GLOBE NEWSWIRE) -- Precipitate Gold Corp. (the “Company” or “Precipitate”) (TSXV:PRG) is pleased to announce Golden Predator Mining Corp. will proceed with its option to earn a 100% interest in Precipitate’s Reef property located immediately adjacent to the northern boundary of Golden Predator’s 3 Aces Project in the Upper Hyland River area of the Yukon Territory. See the Company’s news release dated February 13, 2017 or the Company’s website for full details of the agreement.
In accordance with the terms of the agreement, in electing to maintain its option to earn a 100% interest in the Reef property, Golden Predator has delivered to Precipitate certain 1st anniversary payment obligations, including:
- $150,000 in cash
- 100,000 common shares of Golden Predator; and
- 100,000 warrants each exercisable for the purchase of an additional share of Golden Predator at an exercise price of $2.00 per share, exercisable for three years from issuance
In February of 2017, Golden Predator delivered to the Company an initial payment of $400,000 in cash, 100,000 common shares of Golden Predator, and 100,000 warrants exercisable into common shares of Golden Predator for a period of 3 years from the date of issuance at an exercise price of $1.50 per share.
Under the terms of the agreement, to complete the Option, Golden Predator must complete total staged payments $1,050,000 in cash, approximately $900,000 in Golden Predator common shares, and 800,000 three-year warrants exercisable for the purchase of additional Golden Predator shares.
The common shares issued pursuant to this agreement will be subject to a four-month hold period in accordance with applicable securities laws.
About Precipitate Gold:
Precipitate Gold Corp. is a mineral exploration company focused on exploring and advancing its mineral property interests in the Tireo Gold Trend of the Dominican Republic. The Company also maintains assets in British Columbia and southeast Yukon Territory, including the Company’s Reef property located immediately adjacent to Golden Predator’s 3 Aces Project in the Upper Hyland River area. The Company has entered into an Option to Purchase Agreement with Golden Predator whereby Golden Predator can earn a 100% interest in the Reef claims by making certain staged payments in cash and shares and warrants. Precipitate is also actively evaluating additional high-impact property acquisitions with the potential to expand the Company's portfolio and increase shareholder value.
Additional information can be viewed at the Company’s website www.precipitategold.com.
On Behalf of the Board of Directors of Precipitate Gold Corp.,
“Jeffrey Wilson”
President & CEO
For further information, please contact:
Tel: 604-558-0335 Toll Free: 855-558-0335 investor@precipitategold.com
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This press release may contain "forward-looking information" within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "proposed", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. This forward-looking information reflects Precipitate Gold Corp.’s (“Precipitate” or the “Company”) current beliefs and is based on information currently available to Company and on assumptions it believes are reasonable. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Precipitate to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: the exploration concessions may not be granted on terms acceptable to the Company, or at all; general business, economic, competitive, political and social uncertainties; the concessions acquired by the Company may not have attributes similar to those of surrounding properties; delay or failure to receive governmental or regulatory approvals; changes in legislation, including environmental legislation affecting mining; timing and availability of external financing on acceptable terms; conclusions of economic evaluations; and lack of qualified, skilled labour or loss of key individuals. Although Precipitate has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. Precipitate does not undertake to update any forward-looking information, except in accordance with applicable securities laws.