Yorbeau Completes Sale of Rouyn Property
16 Décembre 2024 - 10:05PM
Yorbeau Resources Inc. (TSX: YRB) (the “
Company”
or “
Yorbeau”) is pleased to announce that it has
completed the previously announced sale of its Rouyn property
(the “
Property”) to Lac Gold (Rouyn) Inc.
(“
Lac Gold”), a Canadian based subsidiary of Lac
Gold Pty Ltd (Au) (the “
Transaction”).
Pursuant to the Transaction, in consideration of
a 100% interest in the Property, Lac Gold must pay a purchase price
of C$25,000,000 to the Company as follows:
- C$2,000,000 paid
to the Company within 48 hours of signing the asset purchase
agreement dated October 1, 2024 between the Company and Lac Gold
(which amount was received by the Company on October 3, 2024);
- C$3,000,000
payable to the Company on the closing date of the Transaction
(which amount was received by the Company on the date hereof);
and
- three equal
instalments of $6,666,666 payable to the Company on each of the
second, third and fourth anniversary of December 10, 2024,
collectively making up the C$20,000,000 unpaid balance of the
purchase price, as evidenced by a promissory note issued on
December 10, 2024 by Lac Gold to the Company carrying interest at a
rate of 5% per annum.
The title to the Property was transferred to Lac
Gold on December 10, 2024 upon the payment of the second tranche of
C$3,000,000 and the satisfaction of other customary closing
conditions. Lac Gold has until December 10, 2028 to pay the final
instalment on the unpaid balance of the purchase price, but may
accelerate any such payment. Lac Gold’s payment of the unpaid
balance of the purchase price, together with accrued and unpaid
interest thereon, is secured by a first-ranking hypothec on the
Property.
In addition to the purchase price payable by Lac
Gold, in connection with closing of the Transaction, Lac Gold
issued and granted to the Company a 2% net smelter returns royalty
on any minerals produced from the Property.
Yorbeau intends to use the proceeds from the
sale of the Property to fund exploration programs and
pre-development activities on its other properties, as well as for
general corporate purposes.
About Yorbeau Resources Inc.
Yorbeau Resources is a Canadian public company
(TSX: YRB) involved in gold and base metal exploration in Quebec,
Canada. The Company’s focus is on seeking a partner to further
explore and develop its Scott Lake zinc copper
deposit near Chibougamau Quebec (refer to Yorbeau’s National
Instrument 43-101 compliant technical report dated December 6,
2017, titled “Technical Report on the Preliminary Economic
Assessment for the Scott Lake Project, Northwestern Québec,
Canada,” available on the Company’s SEDAR+ profile at
www.sedarplus.ca). Yorbeau also intends to focus on continuing
exploration on its well-located properties in the
Detour, Joutel and
Selbaie region of north western Quebec. These
properties include the Beschefer property which is
adjacent to the B26 base metal deposit now being explored by
Abitibi Metals Corp. and the Selbaie West property
adjacent to Soquem (Wagosic property) where they are presently
intersecting base metal values along the Selbaie mine horizon.
For further information, please contact:
G. Bodnar Jr. President, Chief Financial OfficerYorbeau
Resources Inc. gbodnar@yorbeauresources.com Tel: 514-384-2202
Toll free in North America: 1-855-384-2202
Forward-looking statements:
Except for statement of historical fact, all statements in this
news release, including, without limitation, statements regarding
the Transaction, payments in respect of the purchase price and the
timing thereof, the Company’s intended use of proceeds, including
any future exploration plans of the Company, and any statements
regarding future plans and objectives, are forward-looking
statements which involve significant risks and uncertainties. These
risks and uncertainties include, but are not limited to, risks
related to the payment of the unpaid balance of the purchase price
and the timing of any such payments, failure to realize the
expected benefits of the Transaction, risks related to Lac Gold,
and the risk that the Property may not be developed or begin
production in a timely manner, or at all. There can be no assurance
that such statements will prove to be accurate; actual results and
future events could differ materially from those anticipated in
such statements. Yorbeau disclaims any obligation to update such
forward-looking statements, other than as required by applicable
securities laws.
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