Bold Ventures Acquires Option to Earn Up to 100% Interest in Koper Lake Project; Shrs Near Yr Lows
Bold Ventures Inc. (BOL.V), which is near year lows, announced that it has signed an agreement with Fancamp Exploration Ltd. (FNC.V) giving Bold the option to earn up to a 100% working interest in the Koper Lake Project.
The Amendment Agreement amends the terms of the Earn-In Option Agreement announced in the company's press release of May 7, 2012 to provide that once Bold has earned its 60% interest in the Koper Lake Project, it will then have two options for a period of 90 days following the date it earns its 60% interest. First, it can earn a further 20% interest in the Property by paying Fancamp $15,000,000 payable in equal installments over three years with half of the amount payable in cash and the balance payable, at Bold's option, through the issuance of common shares of Bold at the market price at the time the shares are issued with Fancamp retaining a carried interest in the Koper Lake Project. If the first option is exercised, Bold would then have the additional option to acquire from Fancamp the Carried Interest in exchange for a Gross Metal Royalty payable to Fancamp resulting in Bold holding a 100% interest in the Koper Lake Project. Fancamp would then be entitled to be paid 2% of the total revenue from the sale of all metals and mineral products from the Property from the commencement of Commercial Production. Once all of the capital costs to bring the Koper Lake Project to the production stage have been repaid entirely, the GMR may be scaled up to a maximum of 4% of the total revenue from the sale of all metals and mineral products from the Property depending upon the price of product sold from the Property.
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