Yorbeau shareholders approve Rouyn sale option
VANCOUVER (miningweekly.com) – Class A shareholders of TSX-listed Yorbeau Resources have approved the potential sale of the Rouyn property, in Quebec, to Kinross Gold.
Dual-listed Kinross has agreed to fund certain exploration expenditures to earn the option to buy a 100% interest in the property over a four-year period.
Kinross also participated in a C$1-million private placement of 11.11-million units in Yorbeau. The subscription price of each unit is C$0.09 and each unit comprises one Class A common share and one half of one common share purchase warrant. Each whole warrant entitles the holder to buy an additional common share of the company at a strike price of C$0.12 per warrant share for a period of 24 months from closing.
To earn the purchase option, Kinross must complete a resource estimate for the Rouyn property after funding C$12-million of exploration expenditures, including a firm commitment to spend C$3-million in the first 18 months, with no less than 12 500 m of diamond drilling.
Kinross will be the operator and project manager of the property during the option period and Yorbeau will have representation on a technical committee that will oversee the work programme.
On completion of the resource estimate, Kinross will have the option to acquire a 100% interest in the property for a single cash payment of C$25-million, plus 2% of the prevailing gold price, multiplied by the number of ounces of gold in measured, indicated and inferred resources identified by Kinross.
Further, Yorbeau will retain a 2% net smelter return on any gold ounces produced in excess of the number of ounces identified by Kinross in the resource estimate and on any other minerals produced from the property.
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