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Renforth, Globex amend option deal over Parbec gold project in Quebec

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Renforth, Globex amend option deal over Parbec gold project in Quebec

Renforth Resources Inc. and Globex Mining Enterprises Inc. amended an option agreement granting Renforth the right to acquire the Parbec gold project in Quebec.

The 2015 deal required Renforth to spend C$4 million on Parbec, pay C$550,000 and issue 2 million shares over four years to acquire full project ownership. A sliding scale gross metal royalty, or GMR, of between 1% and 2% based on the gold price was also part of the consideration.

Renforth said March 19 that it renegotiated the remaining work requirement due under the agreement. To own the property, the company will now grant a stable 3% GMR, issue 5 million shares and pay C$1 million, subject to the deduction of any advance royalty payments made.

Globex will also grant Renforth a one-time right of first refusal on the sale of the royalty.

According to a September 2018 resource estimate, Parbec hosts indicated resources containing 37,224 ounces of gold within 368,105 tonnes grading 3.47 g/t, with inferred resources containing 656,875 ounces of gold within 9.7 million tonnes grading 2.33 g/t.