Pacton Gold Inc. has received final acceptance from the TSX Venture Exchange for the Share Sale Agreement dated 20 August 2018 to purchase Arrow’s 49% interest in the Pilbara Gold Project for consideration of C$1,000,000 in cash and 2,000,000 Pacton shares (Consideration).
Arrow expects to receive the Consideration within ten business days. The shares issued will be subject to a voluntary escrow period to 30 June 2019.
In addition to the Consideration, Arrow retains the following rights and entitlements:
? Pacton will pay Arrow C$200,000 upon granting of the exploration licence applications, with C$100,000 paid on the grant of each application;
? Arrow will receive a Discovery Bonus of C$500,000 in cash upon Pacton publishing a gold resource at the Project of over 100,000oz in accordance with National Instrument 43-101 (TSXV equivalent of the JORC Code); and
? Arrow retains all rights to explore, mine and extract lithium, caesium and tantalum from the Project.
Following completion of the transaction, Arrow will own 3,086,957 ordinary shares and 1,086,957 warrants (C$0.35 exercise price, expiry 22 May 2021) in Pacton.