Generic Gold (CSE: GGC) announced that it decided to expedite the payments in connection with the acquisition of the Belvais project in Quebec.
The 8,148-hectare project is comprised of three blocks of claims, located in the Abitibi region of northwestern Québec, proximal and to the east of the town of Normétal.
According to Generic Gold, Belvais sits on prospective Archean stratigraphy of felsic through to mafic volcanic rocks, sediments, and numerous intrusions of varying age and compositions. It has been explored sporadically over the years following the discovery and mining of the Normétal polymetallic mine in 1929.
“The acquisition was carried out in accordance with the terms of a purchase agreement dated July 7, 2020, between the company and two arm’s-length vendors,” the miner said in a media statement. “As consideration for the acquisition and pursuant to the terms of the purchase agreement, Generic Gold agreed to: (i) pay to the vendors $300,000 in cash, payable in tranches; (ii) issue an aggregate of 4,500,000 common shares in the capital of the company to the vendors, issuable in tranches; and (iii) grant in favour of the vendors a 3% net smelter returns royalty in respect of the Belvais project.”