Evolving Gold Corp. (the "Company") announces that it has entered into a definitive agreement (the "Agreement") with NV Gold Corporation ("NV Gold") to option its 100% interest in the Rattlesnake Hills Project ("Rattlesnake Hills") . The Company and NV Gold act at arm's length. The Rattlesnake Hills project consists of claims covering almost 14,000 acres and is located in Natrona County, Wyoming, USA.
Terms of the Agreement:
Under the Agreement, NV may acquire Rattlesnake Hills by completing the following:
- a bank draft or similar instrument for US$300,000 (the "Down Payment") made payable to EVG US;
- a cheque for US$100,000 (the "Deposit") in immediately available funds as a deposit that is non-refundable (Paid) and;
- within 3 business days following receipt of TSX Venture Exchange ("TSXV") acceptance of this option agreement, NVX US, or its agent, delivering to EVG a cheque for US$100,000 and NVX issuing EVG US 1,000,000 common share purchase warrants, each such warrant exercisable to acquire one common share of NVX at CDN$0.10 per share for 36 months from the date of issue;
- on or before August 1st, 2014 NVX US paying to EVG US US$200,000;
- on or before September 15th, 2014, NVX issuing 1,000,000 common share purchase warrants to EVG US, each such warrant exercisable to acquire one common share of NVX at CDN$0.10 per share until September 15th, 2016;
- on or before November 1st, 2014, NVX US paying to EVG US US$800,000;
- on or before the first anniversary of TSXV acceptance of this option agreement, NVX US paying to EVG US US$1,000,000 and NVX issuing to EVG US 1,000,000 common share purchase warrants, each such warrant exercisable to acquire one common share of NVX at CDN$0.10 per share for a period of 18 months from the date of issue; and
- On or before the second anniversary of the date of this option agreement, NVX US paying to EVG US $1,000,000 and NVX issuing to EVG US 1,000,000 common shares of NVX;
The Company further advises that the previously announced March 5th, 2014 financing of up to 10,000,000 Units at $0.03 has been cancelled.
On Behalf of the Board of Directors
EVOLVING GOLD CORP.
R. Bruce Duncan, CEO and Director
Source: http://www.evolvinggold.com/