Common Contracts
1 similar Lease With Option to Purchase Agreement contracts
Bravada Signs Lease with Option-to-Purchase Agreement for its South Lone Mountain PropertyLease With Option to Purchase Agreement • October 14th, 2014
The agreement consists of escalating lease payments totalling US$329,200 in cash over a period of up to 10 years, during which exploration and development may be conducted. In addition, Bravada will receive 50,000 common shares upon TSX.V exchange approval and another 100,000 common shares should a NI-43-101 resource estimate for the combined properties include at least 10% of the reported tonnage attributable to the Property. All lease payments can be applied to the final purchase price of US$329,000, after which advanced minimum royalty payments become due annually in the amount of the cash equivalence of 50 ounces of gold. Upon production, Bravada will receive royalty payments of 1.5% NSR on production of base metals and 3.0% NSR on precious metals. Goldspike will have the option to buy-down Bravada’s royalties to 1% NSR for base metals and 1.5% NSR for precious metals for a cash payment of US$3,000,000. An underlying vendor also holds a royalty on the property, which is 1% NSR for
