Brossard (Quebec), May 17, 2023, G.E.T.T Gold Inc. (“G.E.T.T Gold”) (TSX-V Symbol: GETT), announces that it has agreed revised terms and conditions for the sale of its property formerly known as Rocmec1 to Labyrinth Resources.
The original terms and conditions of the Project Acquisition Agreement were defined and publicly announced by G.E.T.T via press releases dated September 1, 2021, November 9, 2022 and April 11, 2023.
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 due March 31, 2023 is deferred and divided into two equal payments of Cdn$500,000 (plus accrued interest at a simple rate of 7% per annum from November 30, 2023) on or before April 30, 2023 and September 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 to April 30, 2023, with such amount being determined pursuant to the prevailing 28-day moving average gold price as of April 30,2023 published by the London Bullion Market Association per ounce of gold, on or before April 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 to September 29, 2023, with such amount being determined pursuant to the prevailing 28-day moving average gold price as of September 29, 2023 published by the London Bullion Market Association per ounce of payable gold, on or before September 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. Fabien Miller, president and CEO of G.E.T.T Gold.
About G.E.T.T Gold
G.E.T.T Gold is active in the exploration and the development of gold resources in Quebec. G.E.T.T Gold also has an exclusive license for the Thermal Fragmentation mining method.
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 website www.gettgold.com
For additional information:
John Stella, Investor relations (514) 718-7976 [email protected]
Fabien Miller, President & CEO (514) 892-1935 [email protected]
Neither TSX Venture Exchange nor its Regulation Services 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 includes certain statements that may be deemed “forward-looking statements”. All statements in this release, other than statements of historical facts, that address future exploration drilling, exploration and production activities and events or developments that the Corporation expects, are forward looking statements. Although the Corporation believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions.
G.E.T.T Gold inc. 7055 Taschereau Blvd., suite 500, Brossard (Québec) J4Z 1A7
Tel: (450) 510-4442 www.gettgold.com
