Falco Pacific to Acquire Beauchastel Gold Property; Shares Up 33%
Falco Pacific Resource Group Inc. (FPC.V) has entered into a letter of intent with Vior Inc. (VIO.V) to acquire 100% of the 22 claim (800 hectare) Beauchastel Gold property located in the Flavrian gold district which forms part of the West Rouyn-Noranda Camp.
Under the terms of the agreement, Falco Pacific will pay Vior $75,000 and issue 150,000 common shares of Falco Pacific, subject to a pooling agreement, on closing of the transaction. An additional $25,000 is due in 6 months from closing. Vior will retain a minimum NSR of 1% and maximum of 2% on the various claims, with Falco Pacific having the right to buy back up to 1% of the NSR for $1 million, subject to Vior maintaining a minimum 1%.
The transaction is subject to negotiation and completion of a definitive agreement with Vior and approval of the TSX Venture Exchange.
FPC shares gained 10 cents to $0.40 on volume of 70,000.
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