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Ethos Gold (TSXV:ECC,OTCQB:ETHOF) has entered an option agreement to acquire the Perk-Rocky copper-gold porphyry project in British Columbia.
Ethos Gold (TSXV:ECC,OTCQB:ETHOF) has entered an option agreement to acquire the Perk-Rocky copper-gold porphyry project in British Columbia.
As stated in the press release:
Ethos can earn a 100 percent interest in the Perk-Rocky Project by completing the following:
Paying the vendors C$10,000 within five business days of the execution date, C$30,000 within five business days of the exchange acceptance, C$75,000 on the first anniversary of the agreement, C$175,000 on the second anniversary, C$400,000 on the third anniversary.
Issuing to the vendors 300,000 Ethos common shares within five business days after exchange acceptance of the agreement, 450,000 shares on the first anniversary, 700,000 shares on the second anniversary, and 1,450,000 shares on the third anniversary.
Incurring a minimum of C$350,000 in exploration costs on or prior to the first anniversary of the execution date.
Following earn-in to 100 percent ownership in the property, milestone payments of US$3.85 million are payable, with the first of these being US$350,000 on delivery of a 43-101 compliant resource estimate, and the final one being US$2.0 million in the event a decision is made to proceed to commercial production. The vendors also retain a 3.0 percent NSR, which Ethos can buy down to 1.0 percent.