Tempus signs up JV partner in Canada
PERTH (miningweekly.com) - ASX- and TSX-V-listed Tempus Resources has inked a joint venture (JV) agreement with privately held Robinhood Gold Corporation over the Mineral Creek gold project, in British Columbia.
Under the terms of the agreement, Robinhood would earn an initial 75% interest in the project by spending a minimum of C$100 000 on the project area before the end of 2021, completing C$500 000 spend before the end of 2022, and completing a C$2-million spend before the end of 2023.
Tempus this week told shareholders that if Robinhood took the decision to complete an initial public offering (IPO), Tempus would receive C$100 000 in fully paid common shares of Robinhood at the IPO issue price, or if a decision is taken not to pursue an IPO, but the company becomes listed on any stock exchange via any transaction, Robinhood would pay Tempus C$30 000 of fully paid common shares at a price equivalent to the valuation implied by a concurrent equity raise, or as agreed between the parties.
In addition to the cash and share payments, Tempus would also retain a 1% net smelter royalty on the Mineral Creek property.
“The Mineral Creek gold project was acquired along with our flagship Blackdome-Elizabeth gold project in late 2019. We welcome this opportunity to unlock value from the project through this transaction with Robinhood, and look forward to seeing the story develop as exploration proceeds,” said Tempus MD Brendan Borg.
Mineral Creek consists of 42 mineral claims over 9 877 ha, all fully owned by Tempus.
Under the JV agreement, Robinhood will act as operator of the property, and will be responsible for all costs associated with maintaining the mineral claims.
The unlisted company will also have the right to acquire an additional 5% interest in the project by paying Tempus C$1-million at any time during the JV agreement.
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