Maple gains full ownership of Quebec projects from Agnico
TSX-V-listed Maple Gold has consolidated ownership of the multimillion-ounce Douay gold project and past-producing Joutel gold project, in Quebec.
This follows the restructuring agreement between Maple and joint venture (JV) partner Agnico Eagle, terminating the 2021 agreement between the companies.
Maple will grant Agnico a 1% net smelter return royalty in respect of the JV assets, as well as an exclusive construction option.
The construction option grants Agnico the right to acquire a 50% ownership interest in the JV assets up to 90 days following a decision by the Maple board to proceed with the development of a mine complex at the projects. The decision must be supported by a prefeasibility study or feasibility study that demonstrates a C$300-million net present value of the projects.
Should Agnico exercise the construction option, it will be required to make a cash payment to Maple equal to the sum of 200% of the amount specified for expenditures incurred by Maple in respect of the projects, and C$12-million.
“This transformative, value-unlocking transaction resulted from teamwork between Agnico Eagle and Maple Gold and it represents a win-win for both parties that paves the way for the continued advancement of the Douay and Joutel gold projects," stated Maple president and CEO Kiran Patankar.
"Upon completion, Maple Gold will gain 100% control of an established gold mineral resource at Douay, a past-producing high-grade gold mining complex at Joutel and a fertile and as-yet-underexplored 400 km2 land package straddling one of the three major regional deformation zones in the Abitibi, with a clear path to advance the Projects. We look forward to continued collaboration on multiple fronts."
Meanwhile, Maple announced a private placement of up to 33.8-million flow-through common shares at C$0.12 each for aggregate proceeds of C$4.06-million.
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