Prize Mining (PRZ.V) has entered into an agreement with Apex Resources, the vendor of the Kena gold property in British Columbia to extend the earn-in period for Prize to earn an 80% interest in the property. Originally, Prize was required to make an additional C$1M and C$1.5M in exploration expenditures within respectively 3 years and 4 years after having signed the agreement in 2017, but the company has now been able to kick that can a bit further down the road as Apex has granted Prize a two year extension on bot earn-in periods.
The two year extension comes at a small price: Prize Mining just needs to accelerate a 375,000 share payment to this month while it will have to make a final cash payment of C$250,000 one month ahead of the previously agreed 36 months. Once the cash and shares will have been paid, Prize will have paid C$1.25M in cash and issued 1.375M shares to Apex Resources, after having issued 28.5 million shares to acquire the option (the option, not the project) on Kena from 1994854 Alberta Ltd., a numbers company controlled by previous insiders of the company.
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The author has a long position in Prize Mining. Prize Mining used to be a sponsor in the preceding twelve months. Please read the disclaimer
