VANCOUVER, BC, March 4, 2022 – Tudor Gold Corp. (TSXV: TUD) (Frankfurt: TUC) (the “Company” or “Tudor” or “Tudor Gold“) is pleased to announce that the Company, together with Tudor Holdings Ltd. and Walter Storm, a Director of the Company (collectively, the “Company Parties”), have entered into a termination agreement (the “Termination Agreement“) with Richard Mill (“Mill”), pursuant to which the parties have agreed to terminate certain Purchase Agreements (as defined below) and the underlying NSR Royalties (as defined below) in consideration for Tudor’s issuance to Mill of 115,000 common shares in the capital of Tudor (the “Consideration Shares“). The Consideration Shares shall be subject to the statutory 4 month and a day restriction on trading.
Pursuant to purchase and sale agreements between Mill and the Company dated (i) September 2015, as amended on April 6, 2016 and July 19, 2019, and (ii) May 10, 2016 (together, the “Purchase Agreements”), Tudor acquired from Mill certain mineral claims located in the Skeena Mining District. As partial consideration for the acquisition of the mineral claims pursuant to the Purchase Agreements, Tudor agreed to grant to Mill two separate 2.5% net smelter returns royalties on such acquired claims (together the “NSR Royalties”).
In addition, pursuant to the Termination Agreement, each of the Company Parties and Mill have agreed to mutually release any and all claims such parties may have against the others with respect to any matters existing up to the present time.
The Termination Agreement and issuance of the Consideration Shares remains subject to the approval of the TSX Venture Exchange.
For further information, please visit the Company’s website at www.tudor-gold.com or contact:
Chris Curran
Head of Corporate Development and Communications
Phone: (604) 559 8092
E-Mail: [email protected]
Carsten Ringler
Head of Investor Relations and Communications
Phone: +49 151 55362000
E-Mail: [email protected]