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International Freegold Mineral Dev Inc - Acquisition
International Freegold Mineral Dev Inc
ITF
Shares issued 15921092
1997-05-29 close $0.73
Friday May 30 1997
Acquisition
The VSE has accepted for filing an agreement dated May 9 1997, whereby the company can acquire, subject to the underlying lease agreements, a 93% interest in the Golden Summit project, near Fairbanks Alaska. The vendor, Fairbanks Exploration Inc, retains a 7% carried interest and a 2% nsr. The company may purchase the nsr at any time following the commencement of commercial production, for consideration based on the net present value of the nsr.
This agreement replaces a previous agreement between the company and the vendor.
Consideration consists of:
a)Issuance of 100,000 shares within 10 days of receipt of acceptance for filing of the agreement by the VSE;
b)Issue an additional 500,000 shares in tranches of 100,000 shares. Issuance of each tranche is to be qualified by expenditures on the property, by the company or any party with whom it has contracted, of US$1,000,000, and approval by the VSE.
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