In February 2021, Vulcan entered into an option agreement with Sassy Gold Corp. (“Sassy”) in relation to the Company’s Gander Belt mineral property. Subsequent to the date of this agreement, Sassy assigned the option to Gander Gold Corporation (“Gander Gold”).
Sassy has an option to earn a 100% interest in the property over a four-year period incurring exploration expenditures of $2 million and by making option cash payments of $200,000 and by issuing 3,600,000 common shares. After Sassy earns its 100% interest, the Company will retain a 3% net smelter royalty (“NSR”) covering these claims.
Sassy has the right to repurchase one-half of that NSR (1.5%) for $2 million in cash and 500,000 common shares within one year following delivery to Vulcan of a Feasibility Report on any deposit advanced on the properties.
- 200,000 common shares of Sassy (on August 23, 2024, Sassy completed a share consolidation of its common shares on the basis of one new share for every five old shares. Vulcan held 1,000,000 old shares at that date which were consolidated to 200,000 new shares of Sassy).
- 600,000 common shares of Sassy received from the sale of mineral licences to Rocky Island Gold Corp.
- 177,240 common shares of Gander Gold (on August 23, 2024, Gander Gold completed a share consolidation of its common shares on the basis of one new share for every ten old shares. Vulcan held 1,772,408 old shares at that date which were consolidated to 177,240 new shares of Gander Gold).
- $200,000 cash
