MONTREAL, Nov. 13 /CNW Telbec/ - Golden Goose Resources Inc. (TSX-V: GGR) (the "Company") announces that it has agreed to amend the option granted to Nemaska Exploration Inc. ("Nemaska") for the purchase of the Lac Levac property, located 216 km north of Chibougamau in the James Bay area of northern Quebec. The original option was granted for a non-refundable consideration of $150,000 paid in cash, and entitled Nemaska to purchase the property for a consideration of $2,850,000, including a $2,000,000 cash payment and $850,000 in shares of Nemaska (see press release dated August 12, 2009).
The terms of the amended option are as follows:
- Upon signature of the option agreement, Nemaska has paid Golden Goose a
non-refundable cash payment of $50,000;
- Upon exercise of the option, Nemaska must pay Golden Goose:
- $450,000 in cash;
- $1,500,000 in units of stocks at 30% discount to initial public
offering ('IPO') stock price including a two-year warrant
exercisable at a strike price equivalent to the stock price of the
- $1,000,000 in the form of an 8% convertible redeemable debenture
(convertible into shares at the price of the IPO and 24 month
warrants exercisable at a 20% premium to the IPO price).
The debenture will be automatically converted if the publicly-traded shares of Nemaska close at a price 30% higher than IPO price for 20 consecutive days. Interest is payable in cash once a year on the anniversary of the transaction date. The debenture will be secured by the claims hosting the Nisk-1 deposit, and can be bought back at anytime by Nemaska for $1,100,000. The transaction is subject to the approval of the TSX Venture Exchange and other standard conditions.
Francois Perron, President and CEO, said: "This amended option helps smooth the way for Nemaska to continue exploring the Lac Levac property and its Nisk-1 nickel-copper-PGM deposit. This allows Golden Goose to continue to focus on its gold resource at the Magino project. Furthermore our future equity participation in Nemaska will allow us to benefit from developments on their Whabouchi lithium project."
ABOUT GOLDEN GOOSE RESOURCES
Golden Goose Resources Inc. is a Canadian public company listed on the TSX Venture Exchange under the symbol GGR. The Company is principally engaged in mineral exploration and acquisition and has a portfolio of gold, platinum group metal and nickel properties in Ontario and Quebec.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
For further information: For further information: Golden Goose Resources Inc.: Francois Perron, 1-888-928-4667, Fax: 1-888-494-5371, email@example.com; www.goldengooseres.com; Renmark Financial Communications Inc.: Dan Symons, firstname.lastname@example.org; Jason Roy, email@example.com; Media: Valérie Lacasse, firstname.lastname@example.org, (514) 939-3989, (416) 644-2020; www.renmarkfinancial.com