TUDOR GOLD Corp. (TSXV: TUD) (FSE: TUC) (the “Company” or “TUDOR GOLD”) is pleased to announce that the Company has reached agreement with Teuton Resources Corp. (“Teuton”) to replace the original option agreements (the “Original Option Agreements”) on the Orion property, the Fairweather property, the Delta property and the High North property (the “Properties”), respectively, in which certain payment terms have been amended, the balance of payments, as well as all other terms of the Original Option Agreements remain as set out in the Original Option Agreements.
Pursuant to the amended payment terms of the Original Option Agreements, and subject to TSX Venture Exchange (the “Exchange“) approval, the Company will issue an aggregate of 1,800,000 common shares (the “Shares“) at $0.30 per Share to Teuton in lieu of certain cash payments as part of the consideration for the acquisition of 100% interest in the Properties. All prior payments to 2018 have been met accordingly. Share issuance schedule per the amendment to the Original Option Agreements as follows: Orion Property: 216,667 Shares at $0.30 per Share to be issued within five business days of Exchange approval, 50,000 Shares on or before June 1, 2019; 50,000 Shares on or before June 1, 2020, and 250,000 Shares on or before June 1, 2021, for a total of 566,667 Shares at $0.30 per Share. Fairweather Property: 216,667 Shares at $0.30 per Share to be issued within two business days of Exchange approval, 50,000 Shares on or before December 15, 2018; 50,000 Shares on or before December 15, 2019, and 250,000 Shares on or before December 15, 2020, for a total of 566,667 Shares at $0.30 per Share. Delta Property: 333,333 Shares at $0.30 per Share to be issued within five business days of Exchange approval. High North Property: 333,333 Shares at $0.30 per Share to be issued within five business days of Exchange approval. Tudor also wishes to rectify the assay values of silver (“Ag“) and copper (“Cu“) reported in the Company’s news release dated August 24, 2018. The correct assay values for hole CB-18-32 are 1.7 grams for Ag and 0.011% for Cu from 194.7 meters to 316.5 meters respectively.
Contact Information
Barry Holmes
Investor Relations
Phone:778-587-2074
Email:[email protected]
Cathy Hume
CHF Capital Markets
Phone:416-868-1079 Ex 231
Email:[email protected]
Aris Morfopoulos
Financial Relations
Phone:604-721-2650
Email:[email protected]