ASHLEY GOLD CORP. – PROPERTY OPTION
Property Option Investment
Pan Pacific’s wholly owned subsidiary, Ashley Gold Corp. (“Ashley”) entered into a Property Option Agreement to acquire 100% of the Ashley Property for the following consideration:
- C$40,000 (paid) and 250,000 shares of Pan Pacific at signing (paid)
- Upon a liquidity event for Ashley – 300,000 shares & C$100,000
- Within 12 months of a liquidity event for Ashley – 200,000 shares, C$50,000 & C$50,000 in cash and/or shares
- Within 24 months of liquidity event for Ashley – 250,000 shares & C$200,000
- Within 36 months of listing of Ashley – 400,000 shares & C$300,000
- Pay vendors a royalty from any ores or minerals from the Ashley Property
Exploration Investment
Minimum property expenditures to fulfil Ashley Option Agreement terms:
- Complete C$100,000 of expenditures and obtain an independent technical report within 12 months from the execution date of the Ashley Option Agreement
- Within 24 months of a liquidity event for Ashley – incur minimum C$200,000 of property expenditures
- Within 36 months of a liquidity event for Ashley – incur minimum C$330,000 of property expenditures
ASHLEY MINE PROPERTY
