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Klondike receives 1st payment from Rise for BC gold, base metal properties acquisition

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Klondike receives 1st payment from Rise for BC gold, base metal properties acquisition

Klondike GoldCorp. said it has received the initial payment from for thepreviously announced acquisition of the former's portfolio of seven BritishColumbia-based gold and base metal properties.

The acquired properties include , , Ron Gold, Panda Irishman,Cruz-Midway, Thea and Quartz Mountain, totaling 150 claims covering 128 squarekilometers.

According to a July 18 statement, on the first closing, RiseResources made a cash payment totaling C$50,000 and issued 1.5 million sharesand 1.5 million warrants, which can be exercised for 1 share each at a price of22.7 cents for 24 months.

Klondike now owns about 4.56% of Rise's issued andoutstanding share capital.  

Upon the one-year anniversary of the first closing, Risewill pay C$150,000 in cash, and issue 2 million shares and 1 million warrants,which expire after 24 months, to complete the acquisition of 100% of theproperties.

Klondike retains a 2.0% net smelter return royalty, in whichRise may purchase half of for C$1.0 million at any time after the first closing.

In May, the companies entered into a property purchase agreement overKlondike's portfolio of Canadian gold and base metal properties.