The Conversation (0)
Orsa Ventures Corp. (TSXV:ORN) entered into a Joint Venture Purchase Agreement with Americas Bullion Royalty Corp. (TSX:AMB) and Golden Predator Mines US Inc. to acquire a 50% joint venture interest in the Angel’s Camp Property at Quartz Mountain in Oregon. Through an Option Agreement with Seabridge Gold (TSX:SEA,AMEX:SA), Orsa and Orsa Min control the other 50% of the joint venture interest in the Angel’s Camp Property.
As quoted in the press release:
Under the Agreement, Orsa and Orsa Min have the option to earn the JV Interest. As consideration for the transfer of the JV Interest by Predator and Americas Bullion Royalty Corp. to Orsa, Orsa will pay:
- Consideration Shares of 1.0 million common shares of Orsa and $25,000 on the Closing Date;
- $35,000 on the first anniversary of the Closing Date;
- $40,000 on the second anniversary of the Closing Date;
- $40,000 on the third anniversary of the Closing Date;
- $50,000 on the fourth anniversary of the Closing Date;
- $50,000 on the fifth anniversary of the Closing Date;
- $50,000 on the sixth anniversary of the Closing Date;
- $100,000 on the seventh anniversary of the Closing Date (for a total of $390,00); and
- on the date Orsa makes the final cash payment, Orsa will grant to Predator a 1.25% Net Smelter Royalty (“NSR”) on Orsa’s interest in the Property, subject to the Sheriff (0.5%) and the Wavecrest (1.0%) NSRs. Orsa has a one-time right for a period of one year from the grant of the NSR to buy back one-fifth of the Predator 1.25% NSR for $500,000.
Click here to read the Orsa Ventures Corp. (TSXV:ORN) press release
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