- Westward Gold on Tuesday said it has exercised its option to acquire a 100% ownership interest in the Toiyabe Project in Lander County, Nevada.
- The company has completed its final share-based payment to Minquest, pursuant to the terms of the option agreement, originally assigned to Westward by Starcore International Mines on April 19, 2021.
- Under the terms of the agreement entered into by Westward and Minquest, the total deemed value of the final payment was increased to $318,493.68, and the company has issued 3.39M common shares to Minquest at a deemed price of $0.0939 per share.
- The shares will be subject to a statutory 4-month hold period expiring on June 21, 2024.
- Following the issuance, Minquest will own about 3.5% of the total issued and outstanding shares of Westward.
- Following the company’s exercise of its option, 100% ownership of 248 unpatented mining claims administered by the Bureau of Land Management will be transferred from Minquest to one of Westward’s Nevada-incorporated subsidiaries.
- As per the agreement, Minquest will be issued a 3% net smelter returns royalty on Minquest Claims, which can be reduced by up to half for a cash payment of $2M per 1%.
- Source: Press Release
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