Brigus Gold Higher after Revising Option Pact for Dominican Republic Concessions
Brigus Gold Corp. (BRD.TO) is hanging on to a 1% advance at $1.26 a share, earlier touching $1.33 after saying Everton Resources Inc. (ERV.V) has agreed to revise an option agreement to buy the other 50% stake in Brigus' Ampliacion Pueblo Viejo II, Ponton and La Cueva concessions in the Dominican Republic.
The new agreement requires Everton to issue 15 million shares to Brigus to acquire the option and then paying Brigus either $1 million in cash or a combination of $500,000 in cash and $500,000 of stock to purchase the properties. Brigus will also receive a sliding scale net smelter return royalty depending on the price of gold.
Everton shares are off 1 cent at 15.5 cents each in light morning trade.
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